Summit Financial LLC Invests $286,000 in Genuine Parts (NYSE:GPC)

Summit Financial LLC bought a new stake in Genuine Parts (NYSE:GPC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,431 shares of the specialty retailer’s stock, valued at approximately $286,000.

Several other hedge funds have also recently added to or reduced their stakes in GPC. Millstone Evans Group LLC acquired a new stake in Genuine Parts during the fourth quarter valued at approximately $25,000. Kestra Investment Management LLC bought a new position in shares of Genuine Parts during the 4th quarter worth approximately $28,000. First Command Advisory Services Inc. acquired a new stake in Genuine Parts in the 4th quarter valued at $28,000. Compass Planning Associates Inc bought a new stake in Genuine Parts in the fourth quarter valued at $29,000. Finally, Synergy Asset Management LLC bought a new stake in Genuine Parts in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the subject of a number of analyst reports. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a report on Tuesday. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Evercore ISI boosted their price target on shares of Genuine Parts from $125.00 to $128.00 and gave the company an “in-line” rating in a research report on Tuesday. Loop Capital began coverage on shares of Genuine Parts in a report on Thursday, January 16th. They set a “buy” rating and a $155.00 price objective for the company. Finally, Truist Financial boosted their target price on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $135.00.

Genuine Parts Trading Down 1.2 %

Shares of NYSE:GPC opened at $118.67 on Friday. The company has a 50-day simple moving average of $121.17 and a 200 day simple moving average of $123.69. The company has a market capitalization of $16.47 billion, a P/E ratio of 18.34 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.07. The company had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period last year, the firm posted $2.26 earnings per share. Sell-side analysts forecast that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were issued a $1.03 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Friday, March 7th. Genuine Parts’s payout ratio is currently 63.68%.

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.