Genuine Parts (NYSE:GPC) Shares Sold by abrdn plc

abrdn plc lowered its stake in shares of Genuine Parts (NYSE:GPC - Free Report) by 31.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,320 shares of the specialty retailer's stock after selling 99,006 shares during the quarter. abrdn plc owned about 0.15% of Genuine Parts worth $29,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Wulff Hansen & CO. raised its stake in Genuine Parts by 13,732.0% in the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer's stock valued at $216,675,000 after buying an additional 1,555,149 shares during the last quarter. International Assets Investment Management LLC raised its stake in Genuine Parts by 14,222.1% in the third quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer's stock valued at $81,621,000 after buying an additional 580,262 shares during the last quarter. DAVENPORT & Co LLC raised its stake in Genuine Parts by 3,029.9% in the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer's stock valued at $58,999,000 after buying an additional 368,470 shares during the last quarter. Boston Trust Walden Corp purchased a new stake in Genuine Parts in the third quarter valued at about $39,474,000. Finally, Natixis raised its stake in Genuine Parts by 768.4% in the first quarter. Natixis now owns 316,359 shares of the specialty retailer's stock valued at $49,014,000 after buying an additional 279,930 shares during the last quarter. Institutional investors own 78.83% of the company's stock.

Genuine Parts Stock Performance

Genuine Parts stock traded down $1.58 during midday trading on Thursday, hitting $114.69. 2,763,113 shares of the company were exchanged, compared to its average volume of 1,039,231. The firm has a market capitalization of $15.95 billion, a PE ratio of 14.76 and a beta of 0.90. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The business has a fifty day simple moving average of $135.82 and a two-hundred day simple moving average of $141.50. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.54 and a current ratio of 1.17.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its 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 for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The firm's revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $2.49 earnings per share. On average, sell-side analysts forecast that Genuine Parts will post 8.1 earnings per share for the current year.

Genuine Parts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts's payout ratio is currently 51.48%.

Analysts Set New Price Targets

GPC has been the subject of a number of research analyst reports. The Goldman Sachs Group decreased their price target on Genuine Parts from $162.00 to $138.00 and set a "neutral" rating for the company in a research note on Wednesday, October 23rd. Truist Financial reduced their price objective on Genuine Parts from $164.00 to $129.00 and set a "buy" rating for the company in a research note on Wednesday, October 23rd. Wedbush reduced their price objective on Genuine Parts from $145.00 to $120.00 and set a "neutral" rating for the company in a research note on Wednesday, October 23rd. Evercore ISI raised their price objective on Genuine Parts from $155.00 to $160.00 and gave the stock an "in-line" rating in a research note on Tuesday, October 22nd. Finally, UBS Group reduced their price objective on Genuine Parts from $145.00 to $125.00 and set a "neutral" rating for the company in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $139.57.

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.