New York State Teachers Retirement System Sells 2,489 Shares of Genuine Parts (NYSE:GPC)

New York State Teachers Retirement System decreased its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,289 shares of the specialty retailer's stock after selling 2,489 shares during the period. New York State Teachers Retirement System owned 0.08% of Genuine Parts worth $12,644,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Exchange Traded Concepts LLC boosted its holdings in Genuine Parts by 284.4% in the third quarter. Exchange Traded Concepts LLC now owns 1,999 shares of the specialty retailer's stock worth $279,000 after acquiring an additional 1,479 shares in the last quarter. Vontobel Holding Ltd. grew its position in Genuine Parts by 2.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 4,927 shares of the specialty retailer's stock valued at $688,000 after purchasing an additional 137 shares during the last quarter. Good Life Advisors LLC purchased a new stake in Genuine Parts during the 3rd quarter valued at about $262,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Genuine Parts by 1.1% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,024 shares of the specialty retailer's stock valued at $2,238,000 after purchasing an additional 171 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Genuine Parts by 65.4% in the third quarter. Blue Trust Inc. now owns 3,909 shares of the specialty retailer's stock worth $541,000 after buying an additional 1,546 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GPC shares. Loop Capital initiated coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They set a "buy" rating and a $155.00 price target for the company. Evercore ISI reduced their target price on Genuine Parts from $128.00 to $125.00 and set an "in-line" rating for the company in a report on Wednesday. Northcoast Research downgraded Genuine Parts from a "buy" rating to a "neutral" rating in a report on Friday, January 17th. Redburn Atlantic upgraded Genuine Parts to a "hold" rating in a report on Monday, November 11th. Finally, Truist Financial upped their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the company a "buy" rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $137.63.

Insiders Place Their Bets

In related news, Director Wendy B. Needham sold 1,608 shares of the business's stock in a transaction that occurred 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 directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.37% of the company's stock.

Genuine Parts Stock Performance

Shares of NYSE GPC traded down $1.59 during midday trading on Friday, hitting $121.68. 1,466,225 shares of the company's stock traded hands, compared to its average volume of 1,617,412. The firm has a fifty day moving average of $118.29 and a 200 day moving average of $127.16. 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 market capitalization of $16.92 billion, a price-to-earnings ratio of 18.81 and a beta of 0.94. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45.

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 for the quarter, topping the consensus estimate of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The business had revenue of $5.77 billion for the quarter, compared to analysts' expectations of $5.71 billion. During the same quarter last year, the company posted $2.26 EPS. On average, analysts forecast that Genuine Parts will post 7.91 earnings per share for the current year.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th will be issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.39%. 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. Genuine Parts's payout ratio is currently 61.82%.

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.