Raymond James Financial Inc. Takes $57.41 Million Position in Genuine Parts (NYSE:GPC)

Raymond James Financial Inc. acquired a new stake in Genuine Parts (NYSE:GPC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 491,664 shares of the specialty retailer's stock, valued at approximately $57,407,000. Raymond James Financial Inc. owned about 0.35% of Genuine Parts at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Genuine Parts in the third quarter valued at approximately $26,000. Kestra Investment Management LLC acquired a new stake in shares of Genuine Parts in the 4th quarter worth $28,000. First Command Advisory Services Inc. acquired a new position in shares of Genuine Parts during the 4th quarter valued at about $28,000. Compass Planning Associates Inc purchased a new stake in shares of Genuine Parts in the fourth quarter valued at about $29,000. Finally, Capital Performance Advisors LLP acquired a new stake in Genuine Parts during the third quarter worth about $31,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GPC shares. Northcoast Research downgraded shares of Genuine Parts from a "buy" rating to a "neutral" rating in a report on Friday, January 17th. Loop Capital initiated coverage on Genuine Parts in a research note on Thursday, January 16th. They issued a "buy" rating and a $155.00 price target on the stock. Truist Financial raised their price objective on Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Redburn Atlantic raised shares of Genuine Parts to a "hold" rating in a research report on Monday, November 11th. Finally, Evercore ISI reduced their price target on shares of Genuine Parts from $128.00 to $125.00 and set an "in-line" rating on the stock in a research note on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Genuine Parts presently has an average rating of "Hold" and a consensus target price of $137.63.

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Genuine Parts Stock Down 4.1 %

Genuine Parts stock traded down $5.28 during mid-day trading on Tuesday, reaching $123.74. 2,433,548 shares of the company's stock were exchanged, compared to its average volume of 1,134,028. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The company has a market cap of $17.17 billion, a P/E ratio of 19.13 and a beta of 0.93. The company has a fifty day moving average of $120.15 and a 200-day moving average of $125.76.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.07. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period last year, the business posted $2.26 earnings per share. Sell-side analysts expect that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 3.33%. The ex-dividend date is Friday, March 7th. This is a positive change from Genuine Parts's previous quarterly dividend of $1.00. Genuine Parts's dividend payout ratio is 63.68%.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of the company's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the transaction, the director now owns 11,357 shares in the company, valued at $1,371,698.46. This represents a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.37% of the stock is owned by insiders.

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.