Cullen Capital Management LLC Trims Position in Genuine Parts (NYSE:GPC)

Cullen Capital Management LLC lowered its stake in shares of Genuine Parts (NYSE:GPC - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,251,234 shares of the specialty retailer's stock after selling 37,296 shares during the quarter. Cullen Capital Management LLC owned 0.90% of Genuine Parts worth $146,094,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. boosted its stake in Genuine Parts by 0.5% in the fourth quarter. Hartford Financial Management Inc. now owns 18,715 shares of the specialty retailer's stock worth $2,185,000 after buying an additional 99 shares in the last quarter. New York Life Investment Management LLC boosted its holdings in Genuine Parts by 0.6% during the 4th quarter. New York Life Investment Management LLC now owns 18,743 shares of the specialty retailer's stock valued at $2,188,000 after acquiring an additional 108 shares during the period. Grimes & Company Inc. grew its position in Genuine Parts by 3.3% during the 4th quarter. Grimes & Company Inc. now owns 3,494 shares of the specialty retailer's stock worth $408,000 after acquiring an additional 111 shares during the last quarter. Pinnacle Financial Partners Inc increased its stake in Genuine Parts by 2.5% in the 4th quarter. Pinnacle Financial Partners Inc now owns 4,630 shares of the specialty retailer's stock worth $541,000 after purchasing an additional 115 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Genuine Parts by 1.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,512 shares of the specialty retailer's stock valued at $877,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 78.83% of the company's stock.

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Genuine Parts Stock Down 2.9 %

Shares of NYSE:GPC traded down $3.33 during trading on Thursday, reaching $110.66. 588,242 shares of the stock traded hands, compared to its average volume of 1,626,961. The stock has a market cap of $15.36 billion, a P/E ratio of 17.11 and a beta of 0.82. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The stock has a 50-day moving average of $120.38 and a two-hundred day moving average of $122.57. Genuine Parts has a 52-week low of $104.01 and a 52-week high of $164.45.

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 the consensus estimate 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 analysts' expectations of $5.71 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. As a group, sell-side analysts expect that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th were paid a $1.03 dividend. The ex-dividend date of this dividend was 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 dividend yield of 3.72%. Genuine Parts's payout ratio is currently 63.68%.

Wall Street Analysts Forecast Growth

GPC has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Northcoast Research downgraded Genuine Parts from a "buy" rating to a "neutral" rating in a report on Friday, January 17th. The Goldman Sachs Group reiterated a "sell" rating and issued a $114.00 price objective (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Evercore ISI raised shares of Genuine Parts from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $128.00 to $135.00 in a research note on Friday, April 4th. Finally, Loop Capital assumed coverage on shares of Genuine Parts in a research note on Thursday, January 16th. They issued a "buy" rating and a $155.00 price target for the company. One equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $135.88.

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.