Legacy Capital Wealth Partners LLC Invests $451,000 in Genuine Parts (NYSE:GPC)

Legacy Capital Wealth Partners LLC purchased a new stake in shares of Genuine Parts (NYSE:GPC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,262 shares of the specialty retailer’s stock, valued at approximately $451,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in GPC. Norges Bank bought a new stake in shares of Genuine Parts in the 4th quarter valued at about $215,643,000. Stifel Financial Corp raised its stake in Genuine Parts by 27.0% in the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after buying an additional 431,623 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in Genuine Parts by 3,029.9% during the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock worth $58,999,000 after buying an additional 368,470 shares during the period. Morningstar Investment Services LLC boosted its position in Genuine Parts by 161.2% during the 4th 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 shares of Genuine Parts by 768.4% in the 1st quarter. Natixis now owns 316,359 shares of the specialty retailer’s stock valued at $49,014,000 after acquiring an additional 279,930 shares during the period. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Trading Down 0.0 %

NYSE GPC opened at $143.19 on Wednesday. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $164.45. The company has a fifty day simple moving average of $139.16 and a two-hundred day simple moving average of $146.26. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The stock has a market cap of $19.95 billion, a P/E ratio of 15.96 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last issued its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (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 analysts’ expectations of $6.03 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business earned $2.44 EPS. On average, analysts forecast that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wedbush dropped their price objective on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Evercore ISI reduced their price objective 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. Truist Financial restated a “buy” rating and issued a $164.00 target price on shares of Genuine Parts in a research note on Wednesday, August 28th. The Goldman Sachs Group reduced their price target on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Finally, UBS Group decreased their price objective on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $161.14.

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.