Allspring Global Investments Holdings LLC Trims Stock Holdings in Genuine Parts (NYSE:GPC)

Allspring Global Investments Holdings LLC lessened its position in shares of Genuine Parts (NYSE:GPC - Free Report) by 70.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 73,015 shares of the specialty retailer's stock after selling 175,297 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of Genuine Parts worth $8,474,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GPC. Vontobel Holding Ltd. increased its position in Genuine Parts by 2.9% during the third quarter. Vontobel Holding Ltd. now owns 4,927 shares of the specialty retailer's stock valued at $688,000 after acquiring an additional 137 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Genuine Parts by 1.1% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,024 shares of the specialty retailer's stock worth $2,238,000 after buying an additional 171 shares in the last quarter. Blue Trust Inc. increased its position in Genuine Parts by 65.4% in the third quarter. Blue Trust Inc. now owns 3,909 shares of the specialty retailer's stock worth $541,000 after buying an additional 1,546 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in Genuine Parts by 5.9% in the third quarter. First Citizens Bank & Trust Co. now owns 1,711 shares of the specialty retailer's stock worth $239,000 after buying an additional 95 shares in the last quarter. Finally, Raymond James & Associates increased its position in Genuine Parts by 11.4% in the third quarter. Raymond James & Associates now owns 413,206 shares of the specialty retailer's stock worth $57,717,000 after buying an additional 42,184 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 1,608 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $120.78, for a total transaction of $194,214.24. Following the completion of the transaction, the director now directly owns 11,357 shares of the company's stock, valued at approximately $1,371,698.46. This represents a 12.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Genuine Parts Price Performance

Shares of NYSE GPC traded down $1.59 during mid-day trading on Friday, reaching $121.68. The company's stock had a trading volume of 1,466,225 shares, compared to its average volume of 1,616,399. The firm has a market capitalization of $16.92 billion, a PE ratio of 18.81 and a beta of 0.94. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The stock has a fifty day moving average of $118.28 and a two-hundred day moving average of $127.27. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45.

Genuine Parts (NYSE:GPC - Get Free Report) last announced 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. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The company had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the company earned $2.26 earnings per share. As a group, sell-side analysts anticipate that Genuine Parts will post 7.91 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be paid a dividend of $1.03 per share. The ex-dividend date is Friday, March 7th. This is a positive change from Genuine Parts's previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a yield of 3.39%. Genuine Parts's dividend payout ratio is presently 61.82%.

Genuine Parts Company 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.