Equity Investment Corp Sells 15,008 Shares of Genuine Parts Company $GPC

Equity Investment Corp decreased its stake in shares of Genuine Parts Company (NYSE:GPC) by 1.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 959,077 shares of the specialty retailer’s stock after selling 15,008 shares during the period. Genuine Parts accounts for 1.7% of Equity Investment Corp’s investment portfolio, making the stock its 20th largest position. Equity Investment Corp owned about 0.70% of Genuine Parts worth $120,594,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Compass Wealth Management LLC purchased a new position in Genuine Parts during the 3rd quarter valued at about $25,000. Elevation Wealth Partners LLC increased its position in shares of Genuine Parts by 510.9% during the second quarter. Elevation Wealth Partners LLC now owns 281 shares of the specialty retailer’s stock valued at $33,000 after buying an additional 235 shares during the period. Latitude Advisors LLC purchased a new stake in shares of Genuine Parts in the third quarter worth about $37,000. EFG International AG purchased a new stake in shares of Genuine Parts in the second quarter worth about $36,000. Finally, Clearstead Trust LLC purchased a new stake in shares of Genuine Parts in the second quarter worth about $48,000. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Price Performance

GPC stock opened at $124.60 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.54. Genuine Parts Company has a one year low of $90.78 and a one year high of $151.57. The stock has a market cap of $17.18 billion, a PE ratio of 498.39, a P/E/G ratio of 2.75 and a beta of 0.65. The firm has a 50 day simple moving average of $128.42 and a two-hundred day simple moving average of $119.90.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, October 20th. The specialty retailer reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.03. The firm had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.49 billion. Genuine Parts had a net margin of 0.12% and a return on equity of 23.00%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.98 EPS. On average, analysts predict that Genuine Parts Company will post 7.62 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Investors of record on Friday, December 4th will be given a $1.0625 dividend. The ex-dividend date is Friday, December 4th. This represents a $4.25 annualized dividend and a yield of 3.4%. Genuine Parts’s payout ratio is 1,700.00%.

Analyst Ratings Changes

GPC has been the subject of a number of analyst reports. The Goldman Sachs Group set a $122.00 price objective on shares of Genuine Parts in a research report on Tuesday, October 20th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genuine Parts in a report on Monday, September 21st. Raymond James Financial reiterated a “strong-buy” rating and issued a $165.00 target price on shares of Genuine Parts in a research note on Wednesday, July 22nd. Argus cut their price target on shares of Genuine Parts from $156.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Finally, Truist Financial raised their price target on shares of Genuine Parts from $126.00 to $131.00 and gave the company a “hold” rating in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Genuine Parts presently has an average rating of “Moderate Buy” and an average target price of $145.00.

Genuine Parts Profile

Genuine Parts Company is a distributor of automotive replacement parts and industrial products. Founded in 1928 and headquartered in Atlanta, Georgia, the company serves businesses and consumers through its distribution networks and brands. Its automotive business distributes replacement parts, accessories and related products, including through the NAPA Auto Parts brand. Its industrial business, operating primarily as Motion, supplies products such as bearings, power-transmission components, fluid-power equipment and other maintenance and repair items to industrial customers.