New York State Common Retirement Fund Sells 11,315 Shares of Genuine Parts (NYSE:GPC)

New York State Common Retirement Fund trimmed its position in Genuine Parts (NYSE:GPC) by 9.8% during the fourth quarter, Holdings Channel reports. The firm owned 103,931 shares of the specialty retailer’s stock after selling 11,315 shares during the quarter. New York State Common Retirement Fund’s holdings in Genuine Parts were worth $14,394,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Axxcess Wealth Management LLC grew its position in Genuine Parts by 5.0% in the third quarter. Axxcess Wealth Management LLC now owns 1,546 shares of the specialty retailer’s stock valued at $223,000 after acquiring an additional 74 shares during the last quarter. Financial Counselors Inc. boosted its stake in shares of Genuine Parts by 0.3% in the 3rd quarter. Financial Counselors Inc. now owns 22,476 shares of the specialty retailer’s stock valued at $3,245,000 after purchasing an additional 76 shares in the last quarter. Balentine LLC grew its holdings in shares of Genuine Parts by 2.2% during the 3rd quarter. Balentine LLC now owns 3,550 shares of the specialty retailer’s stock valued at $513,000 after purchasing an additional 76 shares during the last quarter. Grimes & Company Inc. increased its position in Genuine Parts by 2.5% during the 4th quarter. Grimes & Company Inc. now owns 3,178 shares of the specialty retailer’s stock worth $440,000 after purchasing an additional 79 shares in the last quarter. Finally, Fiera Capital Corp increased its position in Genuine Parts by 2.7% during the 3rd quarter. Fiera Capital Corp now owns 3,080 shares of the specialty retailer’s stock worth $445,000 after purchasing an additional 80 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction on 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 owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GPC has been the subject of several research analyst reports. Jefferies Financial Group upped their price target on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a report on Friday, April 19th. Truist Financial increased their target price on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Evercore ISI reduced their price target on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Wedbush reaffirmed a “neutral” rating and issued a $170.00 price objective (up previously from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Finally, StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $173.10.

Genuine Parts Stock Performance

NYSE:GPC opened at $161.32 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. The company has a fifty day moving average of $152.49 and a 200-day moving average of $143.02. The firm has a market capitalization of $22.47 billion, a P/E ratio of 17.98 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.07. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the prior year, the business earned $2.14 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Genuine Parts will post 9.89 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a dividend of $1.00 per share. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.48%. Genuine Parts’s payout ratio is currently 44.59%.

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.