Townsquare Capital LLC Sells 5,319 Shares of Genuine Parts (NYSE:GPC)
Townsquare Capital LLC reduced its stake in Genuine Parts (NYSE:GPC) by 19.1%, selling 5,319 shares during the fourth quarter, leaving it with 22,562 shares valued at $2.63 million. Other hedge funds also adjusted their holdings, with Geode Capital and Invesco increasing their stakes. Analysts have mixed ratings on GPC, with an average target price of $135.88. Genuine Parts reported a quarterly EPS of $1.61, exceeding estimates, and declared a quarterly dividend of $1.03, yielding 3.60%.
Townsquare Capital LLC lowered its stake in Genuine Parts (NYSE:GPC - Free Report) by 19.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,562 shares of the specialty retailer's stock after selling 5,319 shares during the quarter. Townsquare Capital LLC's holdings in Genuine Parts were worth $2,634,000 as of its most recent SEC filing.
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Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Genuine Parts by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 3,362,748 shares of the specialty retailer's stock worth $391,604,000 after purchasing an additional 65,783 shares during the period. Invesco Ltd. lifted its stake in shares of Genuine Parts by 18.9% during the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock worth $380,898,000 after buying an additional 518,851 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Genuine Parts by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer's stock worth $337,428,000 after buying an additional 145,960 shares during the period. JPMorgan Chase & Co. grew its stake in Genuine Parts by 6.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer's stock valued at $257,124,000 after buying an additional 114,180 shares during the last quarter. Finally, Norges Bank bought a new position in Genuine Parts in the 4th quarter valued at about $206,645,000. 78.83% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
GPC has been the topic of several research reports. Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a "buy" rating and a $155.00 target price on the stock. Truist Financial lifted their price target on Genuine Parts from $129.00 to $133.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Evercore ISI upgraded shares of Genuine Parts from an "in-line" rating to an "outperform" rating and raised their target price for the company from $128.00 to $135.00 in a research report on Friday, April 4th. Northcoast Research lowered shares of Genuine Parts from a "buy" rating to a "neutral" rating in a report on Friday, January 17th. Finally, The Goldman Sachs Group restated a "sell" rating and issued a $114.00 target price (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $135.88.
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Read Our Latest Report on GPC
Genuine Parts Stock Performance
Shares of GPC stock opened at $114.37 on Wednesday. Genuine Parts has a one year low of $104.01 and a one year high of $164.45. The company has a market cap of $15.87 billion, a P/E ratio of 17.68 and a beta of 0.82. The firm has a 50-day moving average of $120.16 and a 200-day moving average of $121.86. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.
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Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.07. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period last year, the business posted $2.26 earnings per share. Equities research analysts forecast that Genuine Parts will post 7.9 EPS for the current fiscal year.
Genuine Parts Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, March 7th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Genuine Parts's previous quarterly dividend of $1.00. Genuine Parts's payout ratio is 63.68%.
Genuine Parts Company Profile
(Free Report)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.
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