Genuine Parts Company $GPC Stock: Sumitomo Mitsui Trust Group Inc. Cuts Stake

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Genuine Parts Company (NYSE:GPC) by 2.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 371,020 shares of the specialty retailer’s stock after selling 10,053 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Genuine Parts were worth $46,652,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GPC. BlackRock Inc. bought a new stake in shares of Genuine Parts during the second quarter worth approximately $1,574,910,000. Bank of America Corp DE bought a new stake in shares of Genuine Parts during the 2nd quarter valued at $201,072,000. Corient Private Wealth LP acquired a new stake in shares of Genuine Parts in the 2nd quarter valued at approximately $3,903,000. Cullen Capital Management LLC acquired a new position in shares of Genuine Parts during the second quarter worth $166,471,000. Finally, Equity Investment Corp acquired a new position in shares of Genuine Parts in the 2nd quarter valued at about $114,922,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Genuine Parts stock opened at $126.36 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.54 and a current ratio of 1.22. The stock’s 50 day moving average price is $129.45 and its 200 day moving average price is $120.12. Genuine Parts Company has a one year low of $90.78 and a one year high of $151.57. The firm has a market capitalization of $17.42 billion, a PE ratio of 505.46, a price-to-earnings-growth ratio of 2.72 and a beta of 0.65.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, October 20th. The specialty retailer reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.03. Genuine Parts had a net margin of 0.12% and a return on equity of 23.00%. The business had revenue of $6.52 billion during the quarter, compared to analysts’ expectations of $6.49 billion. During the same period last year, the firm posted $1.98 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. As a group, sell-side analysts expect that Genuine Parts Company will post 7.62 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, September 4th were issued a $1.0625 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 3.4%. Genuine Parts’s dividend payout ratio (DPR) is currently 1,700.00%.

Wall Street Analyst Weigh In

GPC has been the subject of a number of research reports. The Goldman Sachs Group set a $122.00 target price on shares of Genuine Parts in a research report on Tuesday, October 20th. Truist Financial upped their target price 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. Argus dropped their price objective on Genuine Parts from $156.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. DA Davidson lifted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. upped their price target on Genuine Parts from $125.00 to $137.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.00.

Genuine Parts Profile

Genuine Parts Company (NYSE:GPC) is a distributor of automotive and industrial replacement parts. Its Automotive Parts Group supplies components and accessories for cars, trucks and other vehicles, serving professional repair shops, commercial customers and do-it-yourself consumers through distribution networks, stores and digital channels.

The company’s Industrial Parts Group distributes products used to maintain and repair manufacturing, commercial and other industrial equipment. Its offerings include bearings, power-transmission components, motion-control products, industrial supplies and related maintenance, repair and operations products.