Victory Capital Management Inc. Reduces Holdings in Genuine Parts (NYSE:GPC)

Victory Capital Management Inc. reduced its stake in Genuine Parts (NYSE:GPC) by 20.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 206,845 shares of the specialty retailer’s stock after selling 51,670 shares during the period. Victory Capital Management Inc.’s holdings in Genuine Parts were worth $28,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. OFI Invest Asset Management purchased a new stake in Genuine Parts during the 3rd quarter valued at $25,000. Milestone Investment Advisors LLC purchased a new stake in Genuine Parts in the third quarter worth $28,000. Briaud Financial Planning Inc bought a new position in Genuine Parts in the third quarter worth $28,000. Authentikos Wealth Advisory LLC purchased a new position in Genuine Parts during the third quarter valued at $40,000. Finally, Orion Capital Management LLC bought a new stake in shares of Genuine Parts during the 3rd quarter valued at $42,000. Institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

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

Genuine Parts Stock Down 1.2 %

Genuine Parts stock opened at $154.88 on Wednesday. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The stock has a fifty day simple moving average of $153.64 and a two-hundred day simple moving average of $143.61. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The firm has a market cap of $21.57 billion, a price-to-earnings ratio of 17.27 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period last year, the company earned $2.14 EPS. Genuine Parts’s revenue for the quarter was up .3% on a year-over-year basis. Equities analysts predict that Genuine Parts will post 9.94 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $4.00 annualized dividend and a dividend yield of 2.58%. Genuine Parts’s payout ratio is 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.