QRG Capital Management Inc. Cuts Holdings in Genuine Parts (NYSE:GPC)

QRG Capital Management Inc. lessened its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 15.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,932 shares of the specialty retailer's stock after selling 2,329 shares during the period. QRG Capital Management Inc.'s holdings in Genuine Parts were worth $1,510,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Versor Investments LP bought a new position in Genuine Parts during the fourth quarter worth $759,000. First Command Advisory Services Inc. bought a new position in Genuine Parts during the fourth quarter worth $28,000. Proficio Capital Partners LLC bought a new position in Genuine Parts during the fourth quarter worth $21,840,000. Mn Services Vermogensbeheer B.V. raised its stake in Genuine Parts by 2.2% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 55,006 shares of the specialty retailer's stock worth $6,423,000 after buying an additional 1,200 shares during the last quarter. Finally, New York Life Investment Management LLC raised its stake in Genuine Parts by 0.6% during the fourth quarter. New York Life Investment Management LLC now owns 18,743 shares of the specialty retailer's stock worth $2,188,000 after buying an additional 108 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company's stock.

Insider Activity

In related news, Director Wendy B. Needham sold 1,608 shares of the business's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the transaction, the director now directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.37% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Northcoast Research downgraded shares of Genuine Parts from a "buy" rating to a "neutral" rating in a research note on Friday, January 17th. Redburn Atlantic raised shares of Genuine Parts to a "hold" rating in a research note on Monday, November 11th. Truist Financial lifted their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Loop Capital initiated coverage on shares of Genuine Parts in a research note on Thursday, January 16th. They issued a "buy" rating and a $155.00 price target for the company. Finally, Evercore ISI decreased their price target on shares of Genuine Parts from $128.00 to $125.00 and set an "in-line" rating for the company in a research note on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Genuine Parts presently has an average rating of "Hold" and an average price target of $137.63.

Genuine Parts Stock Up 0.7 %

Shares of NYSE GPC traded up $0.84 during mid-day trading on Thursday, reaching $124.46. 424,998 shares of the company's stock traded hands, compared to its average volume of 1,121,473. The stock has a market cap of $17.27 billion, a P/E ratio of 19.27 and a beta of 0.94. The business has a 50-day simple moving average of $119.21 and a 200 day simple moving average of $126.29. Genuine Parts has a 1-year low of $112.74 and a 1-year high of $164.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.07. The firm had revenue of $5.77 billion during the quarter, compared to analysts' expectations of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same period last year, the company earned $2.26 earnings per share. On average, analysts expect that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a dividend of $1.03 per share. This is a boost from Genuine Parts's previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts's dividend payout ratio (DPR) is currently 63.68%.

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.