Wells Fargo & Company MN Trims Stock Position in Genuine Parts (NYSE:GPC)

Wells Fargo & Company MN trimmed its stake in Genuine Parts (NYSE:GPC - Free Report) by 3.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,691,910 shares of the specialty retailer's stock after selling 101,305 shares during the period. Wells Fargo & Company MN owned about 1.94% of Genuine Parts worth $314,307,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Millstone Evans Group LLC acquired a new position in Genuine Parts in the 4th quarter valued at about $25,000. Kestra Investment Management LLC purchased a new position in shares of Genuine Parts in the fourth quarter valued at approximately $28,000. First Command Advisory Services Inc. acquired a new position in shares of Genuine Parts in the fourth quarter valued at approximately $28,000. Compass Planning Associates Inc purchased a new stake in Genuine Parts during the 4th quarter worth approximately $29,000. Finally, Synergy Asset Management LLC purchased a new position in Genuine Parts in the 4th quarter valued at approximately $32,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GPC shares. The Goldman Sachs Group reiterated a "sell" rating and issued a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a research note on Tuesday, April 1st. Evercore ISI upgraded Genuine Parts from an "in-line" rating to an "outperform" rating and lifted their price objective for the company from $128.00 to $135.00 in a research note on Friday, April 4th. Truist Financial raised their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Northcoast Research downgraded shares of Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. Finally, Loop Capital assumed coverage on shares of Genuine Parts in a research note on Thursday, January 16th. They set a "buy" rating and a $155.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Genuine Parts currently has a consensus rating of "Hold" and an average price target of $135.88.

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Genuine Parts Stock Performance

NYSE GPC traded down $3.36 on Thursday, reaching $110.62. The stock had a trading volume of 549,173 shares, compared to its average volume of 1,246,448. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The stock has a market cap of $15.35 billion, a P/E ratio of 17.05 and a beta of 0.82. The business's 50-day moving average price is $120.38 and its 200 day moving average price is $122.57. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $164.45.

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

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th were paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Friday, March 7th. This is a boost from Genuine Parts's previous quarterly dividend of $1.00. Genuine Parts's dividend payout ratio is 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.