Parsons Capital Management Inc. RI Buys 447 Shares of Genuine Parts (NYSE:GPC)

Parsons Capital Management Inc. RI increased its stake in shares of Genuine Parts (NYSE:GPC) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,188 shares of the specialty retailer’s stock after acquiring an additional 447 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Genuine Parts were worth $649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Raymond James & Associates grew its position in Genuine Parts by 44.0% during the 1st quarter. Raymond James & Associates now owns 342,957 shares of the specialty retailer’s stock worth $53,134,000 after acquiring an additional 104,762 shares during the last quarter. Hendershot Investments Inc. grew its position in shares of Genuine Parts by 1.4% in the 1st quarter. Hendershot Investments Inc. now owns 118,459 shares of the specialty retailer’s stock worth $18,353,000 after buying an additional 1,646 shares during the last quarter. Mezzasalma Advisors LLC grew its position in shares of Genuine Parts by 497.0% in the 1st quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock worth $1,865,000 after buying an additional 10,019 shares during the last quarter. Teamwork Financial Advisors LLC bought a new stake in shares of Genuine Parts in the 1st quarter worth approximately $202,000. Finally, First Trust Direct Indexing L.P. grew its position in shares of Genuine Parts by 16.7% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,656 shares of the specialty retailer’s stock worth $566,000 after buying an additional 522 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Stock Down 0.7 %

Shares of NYSE GPC traded down $1.14 during trading on Friday, reaching $159.93. The company had a trading volume of 1,003,681 shares, compared to its average volume of 1,198,481. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $174.91. The stock has a market cap of $22.28 billion, a PE ratio of 17.83 and a beta of 0.94. The business’s 50-day moving average is $152.13 and its 200 day moving average is $142.92. 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:GPC) last released its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. During the same period in the prior year, the firm posted $2.14 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Genuine Parts will post 9.89 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, February 29th. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.50%. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Insider Activity at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.37% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Evercore ISI cut their price objective on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Truist Financial lifted their price objective on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Wedbush reiterated a “neutral” rating and issued a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research report on Friday, April 19th. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Jefferies Financial Group lifted their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research report on Friday, April 19th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $173.10.

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.