RNC Capital Management LLC Reduces Holdings in Genuine Parts (NYSE:GPC)

RNC Capital Management LLC reduced its holdings in shares of Genuine Parts (NYSE:GPC) by 25.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 4,765 shares of the specialty retailer’s stock after selling 1,615 shares during the period. RNC Capital Management LLC’s holdings in Genuine Parts were worth $660,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Genuine Parts by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,056 shares of the specialty retailer’s stock valued at $2,401,000 after purchasing an additional 1,180 shares during the period. Cibc World Market Inc. lifted its stake in shares of Genuine Parts by 14.8% in the first quarter. Cibc World Market Inc. now owns 2,740 shares of the specialty retailer’s stock valued at $345,000 after purchasing an additional 354 shares during the period. Sei Investments Co. raised its position in Genuine Parts by 9.4% during the first quarter. Sei Investments Co. now owns 50,928 shares of the specialty retailer’s stock worth $6,448,000 after acquiring an additional 4,372 shares during the last quarter. Aviva PLC raised its position in Genuine Parts by 63.1% during the first quarter. Aviva PLC now owns 78,951 shares of the specialty retailer’s stock worth $9,949,000 after acquiring an additional 30,545 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in Genuine Parts by 195.1% during the first quarter. Allianz Asset Management GmbH now owns 114,328 shares of the specialty retailer’s stock worth $14,408,000 after acquiring an additional 75,591 shares during the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of GPC opened at $155.18 on Thursday. The firm has a 50-day moving average price of $147.29 and a 200 day moving average price of $141.79. The firm has a market capitalization of $21.64 billion, a PE ratio of 16.63 and a beta of 0.94. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, February 15th. The specialty retailer reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.06. The firm had revenue of $5.59 billion during the quarter, compared to analyst estimates of $5.64 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. Genuine Parts’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. On average, sell-side analysts anticipate that Genuine Parts will post 9.77 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 1st will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.58%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Thursday, February 29th. Genuine Parts’s dividend payout ratio is presently 42.87%.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GPC has been the subject of a number of research reports. Evercore ISI lifted their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday. Truist Financial lifted their target price on shares of Genuine Parts from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Wedbush reiterated a “neutral” rating and set a $140.00 price target on shares of Genuine Parts in a report on Friday, February 16th. Finally, StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Genuine Parts presently has an average rating of “Moderate Buy” and an average target price of $167.78.

Genuine Parts Company 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.