Bank of Nova Scotia Grows Stock Position in Genuine Parts (NYSE:GPC)

Bank of Nova Scotia increased its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 333.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,531 shares of the specialty retailer's stock after purchasing an additional 75,054 shares during the period. Bank of Nova Scotia owned approximately 0.07% of Genuine Parts worth $11,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in GPC. Millstone Evans Group LLC purchased a new stake in shares of Genuine Parts in the fourth quarter worth about $25,000. Kestra Investment Management LLC acquired a new position in Genuine Parts in the fourth quarter valued at approximately $28,000. First Command Advisory Services Inc. purchased a new stake in Genuine Parts in the 4th quarter worth approximately $28,000. Compass Planning Associates Inc acquired a new stake in shares of Genuine Parts during the 4th quarter worth approximately $29,000. Finally, Synergy Asset Management LLC purchased a new position in shares of Genuine Parts during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 78.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Northcoast Research lowered shares of Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. 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. The Goldman Sachs Group reiterated a "sell" rating and set a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Evercore ISI upgraded Genuine Parts from an "in-line" rating to an "outperform" rating and boosted their price objective for the company from $128.00 to $135.00 in a research report on Friday, April 4th. Finally, Loop Capital started coverage on Genuine Parts in a research report on Thursday, January 16th. They set a "buy" rating and a $155.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $135.88.

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Genuine Parts Price Performance

GPC stock traded down $1.87 during midday trading on Tuesday, reaching $114.37. The stock had a trading volume of 522,939 shares, compared to its average volume of 1,255,691. Genuine Parts has a 52-week low of $104.01 and a 52-week high of $164.45. The company has a market cap of $15.87 billion, a price-to-earnings ratio of 17.68 and a beta of 0.82. The company's fifty day simple moving average is $120.23 and its 200 day simple moving average is $121.91. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86.

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

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, March 7th were given a dividend of $1.03 per share. This is an increase from Genuine Parts's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.12 dividend on an annualized basis and a yield of 3.60%. Genuine Parts's dividend payout ratio (DPR) is presently 63.68%.

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.