ProShare Advisors LLC Trims Stock Position in Genuine Parts Company $GPC

ProShare Advisors LLC decreased its stake in Genuine Parts Company (NYSE:GPC) by 7.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,280,941 shares of the specialty retailer’s stock after selling 107,930 shares during the period. ProShare Advisors LLC owned 0.92% of Genuine Parts worth $177,538,000 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. Norges Bank purchased a new position in shares of Genuine Parts during the second quarter worth about $211,661,000. Federated Hermes Inc. acquired a new stake in shares of Genuine Parts in the 2nd quarter valued at about $107,015,000. Nomura Holdings Inc. grew its stake in Genuine Parts by 142.1% during the 2nd quarter. Nomura Holdings Inc. now owns 529,330 shares of the specialty retailer’s stock worth $64,213,000 after buying an additional 310,715 shares during the last quarter. Pzena Investment Management LLC increased its position in Genuine Parts by 98.0% during the second quarter. Pzena Investment Management LLC now owns 596,051 shares of the specialty retailer’s stock worth $72,307,000 after buying an additional 295,064 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Genuine Parts by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,309,178 shares of the specialty retailer’s stock valued at $2,099,776,000 after buying an additional 260,787 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

NYSE:GPC opened at $148.42 on Monday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 0.51. The firm has a market cap of $20.65 billion, a price-to-earnings ratio of 25.55 and a beta of 0.74. The firm’s fifty day moving average price is $131.63 and its 200 day moving average price is $133.03. Genuine Parts Company has a 1-year low of $104.01 and a 1-year high of $148.58.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Friday, December 5th were issued a $1.03 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $4.12 annualized dividend and a dividend yield of 2.8%. Genuine Parts’s payout ratio is presently 70.91%.

Analyst Upgrades and Downgrades

GPC has been the topic of a number of recent research reports. Truist Financial lifted their target price on shares of Genuine Parts from $143.00 to $146.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. 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 shares of Genuine Parts from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, October 23rd. Finally, The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and upped their target price for the company from $130.00 to $142.00 in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.00.

Genuine Parts 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.