Genuine Parts (NYSE:GPC) Sees Large Increase in Short Interest

Genuine Parts (NYSE:GPC - Get Free Report) was the recipient of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 5,440,000 shares, a growth of 20.4% from the February 13th total of 4,520,000 shares. Currently, 3.9% of the shares of the company are sold short. Based on an average daily volume of 1,460,000 shares, the days-to-cover ratio is currently 3.7 days.

Institutional Trading of Genuine Parts

Institutional investors have recently bought and sold shares of the business. Millstone Evans Group LLC acquired a new stake in shares of Genuine Parts during the fourth quarter worth $25,000. Kestra Investment Management LLC acquired a new position in shares of Genuine Parts during the 4th quarter worth about $28,000. First Command Advisory Services Inc. acquired a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $28,000. Compass Planning Associates Inc bought a new position in Genuine Parts during the 4th quarter worth approximately $29,000. Finally, Synergy Asset Management LLC acquired a new position in Genuine Parts during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 78.83% of the company's stock.

Genuine Parts Trading Down 1.5 %

NYSE:GPC traded down $1.82 during trading hours on Friday, hitting $118.93. 3,064,471 shares of the stock were exchanged, compared to its average volume of 1,150,171. The company has a market capitalization of $16.50 billion, a P/E ratio of 18.38 and a beta of 0.93. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. The company's 50 day moving average is $120.99 and its two-hundred day moving average is $124.70. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45.

Remove Ads

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

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.46%. This is an increase from Genuine Parts's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts's payout ratio is 63.68%.

Wall Street Analyst Weigh In

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

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.