Norges Bank Purchases Shares of 1,769,830 Genuine Parts (NYSE:GPC)

Norges Bank purchased a new position in Genuine Parts (NYSE:GPC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,769,830 shares of the specialty retailer's stock, valued at approximately $206,645,000. Norges Bank owned about 1.27% of Genuine Parts as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GPC. Millstone Evans Group LLC bought a new stake in Genuine Parts in the fourth quarter worth $25,000. Kestra Investment Management LLC bought a new position in Genuine Parts in the 4th quarter worth about $28,000. First Command Advisory Services Inc. purchased a new stake in Genuine Parts during the 4th quarter valued at about $28,000. Compass Planning Associates Inc bought a new stake in Genuine Parts during the 4th quarter valued at about $29,000. Finally, Synergy Asset Management LLC purchased a new position in Genuine Parts in the fourth quarter worth about $32,000. Institutional investors own 78.83% of the company's stock.

Genuine Parts Stock Performance

Genuine Parts stock traded up $1.72 during mid-day trading on Wednesday, reaching $120.17. 1,078,396 shares of the stock traded hands, compared to its average volume of 1,215,744. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The business's 50-day moving average is $121.11 and its 200-day moving average is $123.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The stock has a market capitalization of $16.68 billion, a PE ratio of 18.57 and a beta of 0.93.

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Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, beating 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 firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. As a group, sell-side analysts predict that Genuine Parts will post 7.9 EPS 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. Shareholders of record on Friday, March 7th will be given a $1.03 dividend. The ex-dividend date is Friday, March 7th. This is an increase from Genuine Parts's previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a yield of 3.43%. Genuine Parts's dividend payout ratio (DPR) is presently 63.68%.

Wall Street Analyst Weigh In

GPC has been the topic of a number of recent analyst reports. Loop Capital began coverage on shares of Genuine Parts in a report on Thursday, January 16th. They set a "buy" rating and a $155.00 price target on the stock. Truist Financial increased their target price on Genuine Parts from $129.00 to $133.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Northcoast Research cut Genuine Parts from a "buy" rating to a "neutral" rating in a research note on Friday, January 17th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $114.00 price target (down from $133.00) on shares of Genuine Parts in a report on Tuesday. Finally, Evercore ISI lifted their price objective on Genuine Parts from $125.00 to $128.00 and gave the stock an "in-line" rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $135.00.

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.