Bank of Nova Scotia Sells 6,500 Shares of Genuine Parts (NYSE:GPC)

Bank of Nova Scotia trimmed its stake in Genuine Parts (NYSE:GPCFree Report) by 23.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,232 shares of the specialty retailer’s stock after selling 6,500 shares during the quarter. Bank of Nova Scotia’s holdings in Genuine Parts were worth $2,941,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. grew its stake in shares of Genuine Parts by 109.1% in the 4th quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock valued at $25,000 after buying an additional 96 shares during the period. Orion Capital Management LLC bought a new stake in shares of Genuine Parts during the third quarter valued at approximately $42,000. Costello Asset Management INC raised its position in shares of Genuine Parts by 200.0% during the fourth quarter. Costello Asset Management INC now owns 300 shares of the specialty retailer’s stock worth $42,000 after purchasing an additional 200 shares during the period. HHM Wealth Advisors LLC bought a new position in shares of Genuine Parts in the 4th quarter worth $46,000. Finally, BKM Wealth Management LLC acquired a new stake in Genuine Parts in the 4th quarter valued at $47,000. 78.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Evercore ISI dropped their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Wedbush restated a “neutral” rating and issued a $170.00 target price (up previously from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Jefferies Financial Group upped their price target on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a report on Friday, April 19th. Finally, Truist Financial raised their price objective on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $171.33.

Get Our Latest Research Report on Genuine Parts

Genuine Parts Stock Down 1.3 %

GPC opened at $142.93 on Thursday. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $170.57. The company’s 50-day moving average price is $152.31 and its two-hundred day moving average price is $145.95. The stock has a market cap of $19.91 billion, a price-to-earnings ratio of 15.93 and a beta of 0.92. 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 (NYSE:GPCGet Free Report) 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. The business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. Genuine Parts’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.14 earnings per share. As a group, equities analysts expect that Genuine Parts will post 9.92 earnings per share for the current year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Friday, June 7th. Genuine Parts’s dividend payout ratio is currently 44.59%.

Insider Buying and Selling at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts 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 transaction, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Wendy B. Needham sold 3,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total transaction of $453,870.00. Following the sale, the director now owns 13,006 shares of the company’s stock, valued at approximately $1,967,677.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the director now owns 14,397 shares of the company’s stock, valued at $2,230,383.24. The disclosure for this sale can be found here. Insiders own 0.37% of the company’s stock.

About Genuine Parts

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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