Summit Investment Advisors Inc. Sells 3,291 Shares of Genuine Parts (NYSE:GPC)

Summit Investment Advisors Inc. reduced its stake in Genuine Parts (NYSE:GPC - Free Report) by 25.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,516 shares of the specialty retailer's stock after selling 3,291 shares during the quarter. Summit Investment Advisors Inc.'s holdings in Genuine Parts were worth $1,111,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Genuine Parts by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 3,362,748 shares of the specialty retailer's stock valued at $391,604,000 after acquiring an additional 65,783 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Genuine Parts by 18.9% in the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock worth $380,898,000 after purchasing an additional 518,851 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Genuine Parts by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer's stock valued at $337,428,000 after purchasing an additional 145,960 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Genuine Parts by 6.6% during the third quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer's stock valued at $257,124,000 after purchasing an additional 114,180 shares during the period. Finally, Norges Bank purchased a new stake in Genuine Parts in the fourth quarter worth $206,645,000. 78.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GPC shares. Truist Financial increased their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Northcoast Research lowered shares of Genuine Parts from a "buy" rating to a "neutral" rating in a research note on Friday, January 17th. Loop Capital began coverage on Genuine Parts in a research report on Thursday, January 16th. They set a "buy" rating and a $155.00 target price on the stock. The Goldman Sachs Group reiterated a "sell" rating and issued a $114.00 price target (down from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Finally, Evercore ISI cut their target price on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $130.29.

Genuine Parts Price Performance

Genuine Parts stock traded up $3.05 during mid-day trading on Wednesday, hitting $118.00. 289,212 shares of the company traded hands, compared to its average volume of 1,240,494. The stock has a fifty day moving average price of $119.41 and a 200-day moving average price of $121.00. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 18.24 and a beta of 0.82. Genuine Parts has a one year low of $104.01 and a one year high of $163.86. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.09. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.83 billion. On average, equities analysts predict that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were paid a $1.03 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.12 annualized dividend and a yield of 3.49%. This is a positive change from Genuine Parts's previous quarterly dividend of $1.00. Genuine Parts's dividend payout ratio 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.