California Public Employees Retirement System Sells 8,825 Shares of Genuine Parts (NYSE:GPC)

California Public Employees Retirement System lowered its stake in Genuine Parts (NYSE:GPC - Free Report) by 1.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 592,030 shares of the specialty retailer's stock after selling 8,825 shares during the quarter. California Public Employees Retirement System owned 0.43% of Genuine Parts worth $69,125,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Genuine Parts by 13.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,886 shares of the specialty retailer's stock valued at $4,314,000 after acquiring an additional 3,601 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Genuine Parts by 15.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,068 shares of the specialty retailer's stock valued at $848,000 after purchasing an additional 800 shares in the last quarter. Verition Fund Management LLC increased its position in shares of Genuine Parts by 6.6% during the third quarter. Verition Fund Management LLC now owns 18,631 shares of the specialty retailer's stock valued at $2,602,000 after buying an additional 1,151 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in Genuine Parts by 1,038.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer's stock worth $38,803,000 after buying an additional 253,400 shares in the last quarter. Finally, Benjamin Edwards Inc. purchased a new stake in Genuine Parts in the third quarter worth about $1,237,000. Hedge funds and other institutional investors own 78.83% of the company's stock.

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Genuine Parts Stock Performance

Shares of GPC stock traded up $1.72 on Wednesday, reaching $120.17. The stock had a trading volume of 1,078,396 shares, compared to its average volume of 1,217,214. The stock has a market cap of $16.68 billion, a P/E ratio of 18.57 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The company has a 50 day simple moving average of $121.16 and a 200 day simple moving average of $123.72.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly 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 business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the company posted $2.26 EPS. Equities research analysts expect that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Genuine Parts's previous quarterly dividend of $1.00. Genuine Parts's dividend payout ratio (DPR) is currently 63.68%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GPC. Loop Capital began coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a "buy" rating and a $155.00 target price for the company. Northcoast Research lowered Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. Truist Financial increased their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Evercore ISI boosted their price target on Genuine Parts from $125.00 to $128.00 and gave the stock an "in-line" rating in a research report on Tuesday. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a research note on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $135.00.

Genuine Parts 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.