Bank of New York Mellon Corp Buys 11,569 Shares of Genuine Parts Company $GPC

Bank of New York Mellon Corp lifted its stake in Genuine Parts Company (NYSE:GPC) by 1.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 824,022 shares of the specialty retailer’s stock after buying an additional 11,569 shares during the quarter. Bank of New York Mellon Corp owned about 0.59% of Genuine Parts worth $114,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GPC. Vanguard Group Inc. boosted its position in shares of Genuine Parts by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,309,178 shares of the specialty retailer’s stock worth $2,099,776,000 after purchasing an additional 260,787 shares during the period. State Street Corp lifted its stake in shares of Genuine Parts by 0.9% during the 2nd quarter. State Street Corp now owns 7,797,180 shares of the specialty retailer’s stock valued at $953,779,000 after buying an additional 73,361 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Genuine Parts by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,511,008 shares of the specialty retailer’s stock worth $424,367,000 after buying an additional 40,970 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Genuine Parts by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,080,251 shares of the specialty retailer’s stock worth $373,425,000 after buying an additional 70,668 shares during the period. Finally, Norges Bank purchased a new stake in Genuine Parts in the 2nd quarter worth $211,661,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GPC. The Goldman Sachs Group upgraded Genuine Parts from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $130.00 to $142.00 in a research report on Thursday, November 13th. UBS Group upped their price target on Genuine Parts from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genuine Parts in a report on Monday, December 29th. Truist Financial boosted their target price on shares of Genuine Parts from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. raised their target price 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. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.00.

Genuine Parts Stock Down 0.1%

Shares of GPC opened at $138.73 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 stock has a market capitalization of $19.30 billion, a price-to-earnings ratio of 23.88 and a beta of 0.74. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $143.48. The business’s 50 day simple moving average is $130.02 and its 200-day simple moving average is $132.41.

Genuine Parts Announces Dividend

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

About Genuine Parts

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.