Genuine Parts (NYSE:GPC) Price Target Cut to $129.00

Genuine Parts (NYSE:GPC) had its target price lowered by Truist Financial from $164.00 to $129.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the specialty retailer’s stock.

GPC has been the subject of a number of other research reports. Evercore ISI lifted their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday. The Goldman Sachs Group reduced their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday. Wedbush dropped their price target on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, UBS Group decreased their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Genuine Parts currently has an average rating of “Hold” and a consensus target price of $139.57.

Genuine Parts Trading Up 1.0 %

Shares of NYSE:GPC opened at $114.28 on Wednesday. The business’s 50-day moving average is $137.22 and its 200 day moving average is $142.18. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The firm has a market capitalization of $15.92 billion, a P/E ratio of 12.74 and a beta of 0.90.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54). The company had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.49 EPS. On average, research analysts predict that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GPC. Manchester Capital Management LLC grew its stake in shares of Genuine Parts by 36.1% during the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 66 shares during the period. North Star Investment Management Corp. boosted its holdings in Genuine Parts by 8.5% during the first quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer’s stock worth $138,000 after buying an additional 70 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in Genuine Parts by 4.9% during the second quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer’s stock valued at $224,000 after buying an additional 75 shares during the period. HBK Sorce Advisory LLC increased its holdings in Genuine Parts by 1.8% in the first quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer’s stock valued at $689,000 after buying an additional 80 shares in the last quarter. Finally, Dover Advisors LLC raised its position in shares of Genuine Parts by 5.1% in the second quarter. Dover Advisors LLC now owns 1,756 shares of the specialty retailer’s stock worth $243,000 after acquiring an additional 85 shares during the period. 78.83% of the stock is owned by institutional investors and hedge funds.

About Genuine Parts

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.