Allstate Corp Buys New Position in Genuine Parts Company $GPC

Allstate Corp bought a new stake in Genuine Parts Company (NYSE:GPC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,449 shares of the specialty retailer’s stock, valued at approximately $617,000.

Other institutional investors also recently added to or reduced their stakes in the company. Fiduciary Family Office LLC grew its stake in shares of Genuine Parts by 8.9% in the third quarter. Fiduciary Family Office LLC now owns 2,773 shares of the specialty retailer’s stock worth $384,000 after acquiring an additional 227 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Genuine Parts by 11.2% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 3,146 shares of the specialty retailer’s stock valued at $436,000 after purchasing an additional 316 shares during the period. Maryland State Retirement & Pension System grew its position in Genuine Parts by 11.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 7,219 shares of the specialty retailer’s stock worth $1,001,000 after purchasing an additional 719 shares during the last quarter. Rather & Kittrell Inc. bought a new position in shares of Genuine Parts during the 3rd quarter worth about $204,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of Genuine Parts during the third quarter valued at about $213,000. 78.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GPC shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Genuine Parts in a research report on Monday, December 29th. JPMorgan Chase & Co. lifted their price objective on Genuine Parts from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, October 23rd. Evercore ISI boosted their price objective on Genuine Parts from $148.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Truist Financial raised their target price on Genuine Parts from $143.00 to $146.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Finally, UBS Group lifted their price target on shares of Genuine Parts from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $148.00.

Genuine Parts Trading Up 0.4%

Shares of GPC stock opened at $136.78 on Friday. The company has a market capitalization of $19.03 billion, a P/E ratio of 23.54 and a beta of 0.75. Genuine Parts Company has a 12-month low of $104.01 and a 12-month high of $143.48. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.78. The firm has a 50-day moving average price of $128.52 and a 200 day moving average price of $131.71.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Tuesday, October 21st. The specialty retailer reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.04). Genuine Parts had a return on equity of 22.57% and a net margin of 3.36%.The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $6.12 billion. During the same period in the prior year, the company posted $1.88 earnings per share. Genuine Parts’s quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts forecast that Genuine Parts Company will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Friday, December 5th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, December 5th. Genuine Parts’s dividend payout ratio (DPR) is currently 70.91%.

Genuine Parts Company Profile

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.