Genuine Parts (NYSE:GPC) Sees Large Volume Increase - Here's What Happened

Genuine Parts (NYSE:GPC - Get Free Report) shares saw unusually-high trading volume on Monday . Approximately 2,291,891 shares changed hands during mid-day trading, an increase of 126% from the previous session's volume of 1,013,686 shares.The stock last traded at $118.54 and had previously closed at $114.24.

Analyst Ratings Changes

GPC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Genuine Parts from $162.00 to $135.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 22nd. Truist Financial dropped their price target on shares of Genuine Parts from $164.00 to $129.00 and set a "buy" rating on the stock in a research note on Wednesday, October 23rd. StockNews.com cut shares of Genuine Parts from a "buy" rating to a "hold" rating in a research note on Wednesday, October 16th. Wedbush lowered their target price 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, October 23rd. Finally, Evercore ISI lifted their target price 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, October 22nd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $139.57.

Genuine Parts Stock Performance

The firm's 50-day moving average price is $137.22 and its two-hundred day moving average price is $142.08. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.54 and a current ratio of 1.17. The stock has a market cap of $16.49 billion, a price-to-earnings ratio of 12.74 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 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.54). The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The company's revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.49 EPS. On average, analysts expect that Genuine Parts will post 8.1 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $1.00 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.38%. Genuine Parts's dividend payout ratio (DPR) is currently 44.59%.

Institutional Trading of Genuine Parts

Several institutional investors and hedge funds have recently bought and sold shares of GPC. Wulff Hansen & CO. increased its stake in Genuine Parts by 13,732.0% during the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer's stock worth $216,675,000 after purchasing an additional 1,555,149 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Genuine Parts by 21.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,368,562 shares of the specialty retailer's stock worth $189,296,000 after buying an additional 239,858 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of Genuine Parts by 29.6% during the second quarter. D. E. Shaw & Co. Inc. now owns 980,184 shares of the specialty retailer's stock worth $135,579,000 after buying an additional 223,712 shares in the last quarter. Hamlin Capital Management LLC grew its position in shares of Genuine Parts by 12.3% during the third quarter. Hamlin Capital Management LLC now owns 591,075 shares of the specialty retailer's stock worth $82,561,000 after buying an additional 64,520 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Genuine Parts by 14,222.1% during the third quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer's stock worth $81,621,000 after buying an additional 580,262 shares in the last quarter. 78.83% of the stock is currently 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.

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