Principal Financial Group Inc. Grows Stock Holdings in Genuine Parts (NYSE:GPC)

Principal Financial Group Inc. boosted its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 183,533 shares of the specialty retailer's stock after buying an additional 6,358 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Genuine Parts worth $25,636,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Concord Wealth Partners raised its position in shares of Genuine Parts by 79.3% during the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer's stock valued at $38,000 after buying an additional 119 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in shares of Genuine Parts in the 2nd quarter worth about $40,000. Catalyst Capital Advisors LLC purchased a new position in shares of Genuine Parts in the 3rd quarter worth about $44,000. Armstrong Advisory Group Inc. raised its holdings in shares of Genuine Parts by 63.8% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 362 shares of the specialty retailer's stock valued at $51,000 after buying an additional 141 shares in the last quarter. Finally, Rosenberg Matthew Hamilton lifted its position in Genuine Parts by 92.2% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 371 shares of the specialty retailer's stock worth $50,000 after buying an additional 178 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

GPC traded up $1.26 during trading on Wednesday, hitting $123.96. The company's stock had a trading volume of 735,443 shares, compared to its average volume of 1,052,763. The business's 50 day simple moving average is $131.64 and its 200-day simple moving average is $139.05. The firm has a market cap of $17.24 billion, a PE ratio of 15.99 and a beta of 0.92. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54). The firm had revenue of $6 billion during the quarter, compared to analysts' expectations of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The company's revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.49 earnings per share. As a group, sell-side analysts predict that Genuine Parts will post 8.09 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. Stockholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts's payout ratio is currently 51.48%.

Wall Street Analyst Weigh In

Several brokerages recently commented on GPC. 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 note on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an "overweight" rating for the company in a research note on Tuesday, October 22nd. Wedbush cut their target price on Genuine Parts from $145.00 to $120.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 23rd. Redburn Atlantic raised Genuine Parts to a "hold" rating in a research report on Monday. Finally, StockNews.com cut Genuine Parts from a "buy" rating to a "hold" rating in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $139.57.

Genuine Parts 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.