Invesco Ltd. Has $380.90 Million Position in Genuine Parts (NYSE:GPC)

Invesco Ltd. grew its position in shares of Genuine Parts (NYSE:GPC) by 18.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,262,229 shares of the specialty retailer’s stock after purchasing an additional 518,851 shares during the period. Invesco Ltd.’s holdings in Genuine Parts were worth $380,898,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hartford Financial Management Inc. grew its holdings in Genuine Parts by 0.5% during the 4th quarter. Hartford Financial Management Inc. now owns 18,715 shares of the specialty retailer’s stock worth $2,185,000 after acquiring an additional 99 shares during the last quarter. New York Life Investment Management LLC grew its stake in shares of Genuine Parts by 0.6% in the fourth quarter. New York Life Investment Management LLC now owns 18,743 shares of the specialty retailer’s stock worth $2,188,000 after purchasing an additional 108 shares during the last quarter. Grimes & Company Inc. grew its stake in shares of Genuine Parts by 3.3% in the fourth quarter. Grimes & Company Inc. now owns 3,494 shares of the specialty retailer’s stock worth $408,000 after purchasing an additional 111 shares during the last quarter. Pinnacle Financial Partners Inc increased its holdings in Genuine Parts by 2.5% in the fourth quarter. Pinnacle Financial Partners Inc now owns 4,630 shares of the specialty retailer’s stock valued at $541,000 after purchasing an additional 115 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Genuine Parts by 1.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,512 shares of the specialty retailer’s stock worth $877,000 after purchasing an additional 128 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Trading Up 8.0 %

GPC opened at $114.03 on Thursday. The company has a fifty day moving average price of $120.38 and a two-hundred day moving average price of $122.57. Genuine Parts has a 1-year low of $104.01 and a 1-year high of $164.45. The company has a market cap of $15.83 billion, a P/E ratio of 17.62 and a beta of 0.82. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the business earned $2.26 EPS. Analysts predict that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were issued a dividend of $1.03 per share. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, March 7th. This represents a $4.12 annualized dividend and a yield of 3.61%. Genuine Parts’s dividend payout ratio is presently 63.68%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GPC. Loop Capital assumed coverage on Genuine Parts in a research note on Thursday, January 16th. They issued a “buy” rating and a $155.00 price target for the company. The Goldman Sachs Group restated a “sell” rating and set a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Truist Financial increased their price objective on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Evercore ISI upgraded shares of Genuine Parts from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $128.00 to $135.00 in a report on Friday, April 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $135.88.

Genuine Parts Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.