Eastern Bank Lowers Stake in Genuine Parts (NYSE:GPC)

Eastern Bank decreased its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 48.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,000 shares of the specialty retailer's stock after selling 8,579 shares during the quarter. Eastern Bank's holdings in Genuine Parts were worth $1,051,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new stake in shares of Genuine Parts during the 3rd quarter worth approximately $26,000. Capital Performance Advisors LLP purchased a new stake in Genuine Parts in the third quarter valued at $31,000. Concord Wealth Partners boosted its stake in Genuine Parts by 79.3% in the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer's stock valued at $38,000 after acquiring an additional 119 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Genuine Parts during the third quarter worth about $44,000. Finally, Armstrong Advisory Group Inc. grew its holdings in shares of Genuine Parts by 63.8% during the third quarter. Armstrong Advisory Group Inc. now owns 362 shares of the specialty retailer's stock worth $51,000 after purchasing an additional 141 shares during the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

Shares of GPC stock traded up $0.48 during mid-day trading on Tuesday, hitting $116.99. The stock had a trading volume of 1,208,434 shares, compared to its average volume of 1,110,029. The firm has a market cap of $16.27 billion, a PE ratio of 15.06 and a beta of 0.95. The company's 50-day simple moving average is $120.94 and its 200-day simple moving average is $130.86. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business had revenue of $6 billion for the quarter, compared to analysts' expectations of $5.94 billion. During the same period last year, the company posted $2.49 earnings per share. The business's quarterly revenue was up 3.0% on a year-over-year basis. Sell-side analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were given a dividend of $1.00 per share. The ex-dividend date was Friday, December 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.42%. Genuine Parts's payout ratio is currently 51.48%.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 1,608 shares of Genuine Parts stock in a transaction 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 owns 11,357 shares of the company's stock, valued at $1,371,698.46. The trade was a 12.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Genuine Parts from $162.00 to $135.00 and set an "overweight" rating for the company in a research report on Tuesday, October 22nd. Redburn Atlantic raised Genuine Parts to a "hold" rating in a report on Monday, November 11th. Truist Financial lowered their target price on shares of Genuine Parts from $164.00 to $129.00 and set a "buy" rating on the stock in a research report on Wednesday, October 23rd. Wedbush reduced their price target on shares of Genuine Parts from $145.00 to $120.00 and set a "neutral" rating for the company in a research report on Wednesday, October 23rd. Finally, Evercore ISI raised their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an "in-line" rating in a research report on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $139.57.

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.