Genuine Parts (NYSE:GPC) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Genuine Parts (NYSE:GPC - Free Report) from a buy rating to a hold rating in a research report released on Wednesday morning.

A number of other analysts have also recently weighed in on GPC. Wedbush decreased their price target on shares of Genuine Parts from $170.00 to $145.00 and set a "neutral" rating for the company in a research report on Wednesday, July 24th. The Goldman Sachs Group decreased their price target on shares of Genuine Parts from $166.00 to $162.00 and set a "neutral" rating for the company in a research report on Wednesday, July 24th. Evercore ISI decreased their price target on shares of Genuine Parts from $150.00 to $148.00 and set an "in-line" rating for the company in a research report on Wednesday, July 24th. Truist Financial reissued a "buy" rating and issued a $164.00 price objective on shares of Genuine Parts in a research report on Wednesday, August 28th. Finally, UBS Group decreased their price objective on shares of Genuine Parts from $165.00 to $150.00 and set a "neutral" rating for the company in a research report on Wednesday, July 3rd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Genuine Parts presently has a consensus rating of "Hold" and an average price target of $157.29.

Genuine Parts Trading Up 2.0 %

Shares of NYSE GPC traded up $2.75 during trading on Wednesday, hitting $143.16. 879,212 shares of the company traded hands, compared to its average volume of 960,605. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $164.45. The company has a 50-day moving average price of $138.75 and a 200-day moving average price of $143.34. The firm has a market capitalization of $19.94 billion, a P/E ratio of 15.96 and a beta of 0.90. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.15). Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company had revenue of $5.96 billion for the quarter, compared to analysts' expectations of $6.03 billion. During the same period in the prior year, the firm earned $2.44 earnings per share. The firm's quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts predict that Genuine Parts will post 9.37 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts's dividend payout ratio is presently 44.59%.

Hedge Funds Weigh In On Genuine Parts

Several large investors have recently added to or reduced their stakes in GPC. Manchester Capital Management LLC lifted its position in shares of Genuine Parts by 36.1% in the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer's stock worth $39,000 after buying an additional 66 shares during the last quarter. North Star Investment Management Corp. boosted its stake in Genuine Parts by 8.5% in the first quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer's stock valued at $138,000 after acquiring an additional 70 shares during the period. CHICAGO TRUST Co NA grew its holdings in shares of Genuine Parts by 3.6% during the first quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer's stock valued at $316,000 after purchasing an additional 71 shares during the last quarter. First Citizens Bank & Trust Co. raised its position in shares of Genuine Parts by 4.9% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer's stock worth $224,000 after purchasing an additional 75 shares during the period. Finally, HBK Sorce Advisory LLC lifted its holdings in shares of Genuine Parts by 1.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer's stock worth $689,000 after purchasing an additional 80 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.