Fifth Third Wealth Advisors LLC Makes New Investment in Genuine Parts (NYSE:GPC)

Fifth Third Wealth Advisors LLC acquired a new position in shares of Genuine Parts (NYSE:GPC) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 1,819 shares of the specialty retailer’s stock, valued at approximately $252,000.

Several other large investors also recently bought and sold shares of GPC. Norges Bank purchased a new stake in Genuine Parts during the 4th quarter worth approximately $215,643,000. Stifel Financial Corp lifted its stake in Genuine Parts by 27.0% during the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after purchasing an additional 431,623 shares in the last quarter. DAVENPORT & Co LLC raised its stake in shares of Genuine Parts by 3,029.9% in the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock valued at $58,999,000 after acquiring an additional 368,470 shares in the last quarter. Morningstar Investment Services LLC raised its stake in shares of Genuine Parts by 161.2% in the fourth quarter. Morningstar Investment Services LLC now owns 578,555 shares of the specialty retailer’s stock valued at $80,066,000 after acquiring an additional 357,091 shares in the last quarter. Finally, Natixis increased its holdings in Genuine Parts by 768.4% in the first quarter. Natixis now owns 316,359 shares of the specialty retailer’s stock valued at $49,014,000 after buying an additional 279,930 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

NYSE:GPC traded down $1.59 during mid-day trading on Thursday, reaching $142.07. The stock had a trading volume of 57,951 shares, compared to its average volume of 1,000,747. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. The firm has a market capitalization of $19.79 billion, a price-to-earnings ratio of 16.02 and a beta of 0.92. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $164.45. The business has a 50 day simple moving average of $138.67 and a 200 day simple moving average of $146.26.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. Genuine Parts’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 EPS. On average, analysts expect that Genuine Parts will post 9.36 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.82%. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Truist Financial dropped their target price on Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a report on Tuesday, July 23rd. UBS Group dropped their price objective on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI decreased their target price on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research note on Wednesday, July 24th. Finally, Wedbush decreased their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $161.14.

Genuine Parts Profile

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.