Genuine Parts (NYSE:GPC) Stake Boosted by Cibc World Markets Corp

Cibc World Markets Corp grew its stake in Genuine Parts (NYSE:GPC - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,967 shares of the specialty retailer's stock after purchasing an additional 3,069 shares during the quarter. Cibc World Markets Corp's holdings in Genuine Parts were worth $2,565,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. State Street Corp lifted its holdings in Genuine Parts by 5.4% during the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer's stock worth $1,103,300,000 after buying an additional 401,180 shares during the last quarter. Geode Capital Management LLC lifted its stake in Genuine Parts by 1.0% during the third quarter. Geode Capital Management LLC now owns 3,296,965 shares of the specialty retailer's stock worth $458,947,000 after purchasing an additional 32,858 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Genuine Parts by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer's stock worth $337,428,000 after purchasing an additional 145,960 shares during the period. Stifel Financial Corp raised its holdings in shares of Genuine Parts by 1.2% during the third quarter. Stifel Financial Corp now owns 2,057,593 shares of the specialty retailer's stock worth $287,405,000 after purchasing an additional 25,015 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Genuine Parts by 6.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer's stock worth $257,124,000 after buying an additional 114,180 shares during the last quarter. Institutional investors own 78.83% of the company's stock.

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Analyst Ratings Changes

GPC has been the topic of several research reports. Loop Capital assumed coverage on shares of Genuine Parts in a research note on Thursday, January 16th. They set a "buy" rating and a $155.00 price objective on the stock. Northcoast Research cut Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. Evercore ISI cut their target price on Genuine Parts from $128.00 to $125.00 and set an "in-line" rating on the stock in a research note on Wednesday, February 19th. Finally, Truist Financial upped their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Eight investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $137.63.

Genuine Parts Price Performance

Shares of GPC traded down $2.83 during trading hours on Tuesday, hitting $117.84. 1,830,704 shares of the company were exchanged, compared to its average volume of 1,148,776. The firm has a fifty day simple moving average of $121.07 and a 200-day simple moving average of $124.47. The company has a market capitalization of $16.35 billion, a PE ratio of 18.21 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. Genuine Parts has a one year low of $112.74 and a one year high of $164.45.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $5.77 billion for the quarter, compared to analysts' expectations of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same period in the previous year, the company posted $2.26 EPS. As a group, sell-side analysts predict that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th will be given a dividend of $1.03 per share. The ex-dividend date of this dividend 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 3.50%. 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.