Genuine Parts (NYSE:GPC) Price Target Lowered to $129.00 at Truist Financial

Genuine Parts (NYSE:GPC - Free Report) had its price target reduced by Truist Financial from $164.00 to $129.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the specialty retailer's stock.

GPC has been the topic of several other research reports. Evercore ISI boosted their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an "in-line" rating in a research note on Tuesday. StockNews.com cut shares of Genuine Parts from a "buy" rating to a "hold" rating in a research note on Wednesday, October 16th. Wedbush decreased their price target on shares of Genuine Parts from $145.00 to $120.00 and set a "neutral" rating on the stock in a research note on Wednesday. The Goldman Sachs Group decreased their target price on shares of Genuine Parts from $162.00 to $138.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, UBS Group decreased their target price on shares of Genuine Parts from $145.00 to $125.00 and set a "neutral" rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Genuine Parts has a consensus rating of "Hold" and an average target price of $139.57.

Genuine Parts Price Performance

Shares of GPC traded up $3.12 during trading hours on Wednesday, reaching $116.24. 2,767,736 shares of the stock traded hands, compared to its average volume of 996,082. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The company's 50-day moving average price is $138.64 and its two-hundred day moving average price is $142.82. The company has a market cap of $16.19 billion, a P/E ratio of 12.93 and a beta of 0.90.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.54). The company had revenue of $6 billion during the quarter, compared to analysts' expectations of $5.94 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.49 EPS. On average, analysts anticipate that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Friday, September 6th. Genuine Parts's dividend payout ratio (DPR) is currently 44.59%.

Institutional Trading of Genuine Parts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tectonic Advisors LLC raised its position in Genuine Parts by 6.3% in the 3rd quarter. Tectonic Advisors LLC now owns 2,761 shares of the specialty retailer's stock worth $386,000 after purchasing an additional 164 shares during the period. Assenagon Asset Management S.A. raised its position in Genuine Parts by 8.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,627 shares of the specialty retailer's stock worth $646,000 after purchasing an additional 361 shares during the period. IFM Investors Pty Ltd raised its position in Genuine Parts by 4.0% in the 3rd quarter. IFM Investors Pty Ltd now owns 29,902 shares of the specialty retailer's stock worth $4,177,000 after purchasing an additional 1,144 shares during the period. Pinnacle West Asset Management Inc. increased its position in shares of Genuine Parts by 2.3% during the third quarter. Pinnacle West Asset Management Inc. now owns 6,860 shares of the specialty retailer's stock worth $958,000 after acquiring an additional 155 shares during the period. Finally, Grimes & Company Inc. increased its position in shares of Genuine Parts by 10.3% during the third quarter. Grimes & Company Inc. now owns 3,383 shares of the specialty retailer's stock worth $473,000 after acquiring an additional 315 shares during the period. 78.83% of the stock is owned by hedge funds and other 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.