MQS Management LLC Invests $566,000 in Genuine Parts Company $GPC

MQS Management LLC purchased a new stake in Genuine Parts Company (NYSE:GPC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,085 shares of the specialty retailer’s stock, valued at approximately $566,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of GPC. Vanguard Group Inc. raised its holdings in Genuine Parts by 1.5% during the second quarter. Vanguard Group Inc. now owns 17,309,178 shares of the specialty retailer’s stock worth $2,099,776,000 after buying an additional 260,787 shares during the last quarter. State Street Corp grew its holdings in shares of Genuine Parts by 0.9% during the second quarter. State Street Corp now owns 7,797,180 shares of the specialty retailer’s stock valued at $953,779,000 after buying an additional 73,361 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Genuine Parts by 1.2% during the second quarter. Geode Capital Management LLC now owns 3,511,008 shares of the specialty retailer’s stock worth $424,367,000 after acquiring an additional 40,970 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Genuine Parts by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,080,251 shares of the specialty retailer’s stock worth $373,425,000 after acquiring an additional 70,668 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Genuine Parts in the 2nd quarter worth about $211,661,000. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Performance

GPC stock opened at $146.55 on Wednesday. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.78. The firm has a market cap of $20.39 billion, a PE ratio of 25.22 and a beta of 0.74. The business has a 50 day moving average of $132.30 and a 200-day moving average of $133.21. Genuine Parts Company has a 12-month low of $104.01 and a 12-month high of $149.27.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Shareholders of record on Friday, December 5th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, December 5th. Genuine Parts’s dividend payout ratio is 70.91%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GPC. JPMorgan Chase & Co. lifted their price target on Genuine Parts from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, October 23rd. The Goldman Sachs Group upgraded Genuine Parts from a “sell” rating to a “neutral” rating and raised their target price for the company from $130.00 to $142.00 in a report on Thursday, November 13th. Evercore ISI reaffirmed an “outperform” rating and set a $155.00 target price on shares of Genuine Parts in a research report on Tuesday. Truist Financial increased their price target on Genuine Parts from $143.00 to $146.00 and gave the company a “buy” rating in a research report on Tuesday, October 21st. Finally, UBS Group restated a “neutral” rating on shares of Genuine Parts in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Genuine Parts currently has an average rating of “Moderate Buy” and an average target price of $149.00.

About Genuine Parts

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.