abrdn plc Lowers Position in Genuine Parts (NYSE:GPC)

abrdn plc trimmed its position in shares of Genuine Parts (NYSE:GPC) by 31.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 212,320 shares of the specialty retailer’s stock after selling 99,006 shares during the quarter. abrdn plc owned approximately 0.15% of Genuine Parts worth $29,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Genuine Parts by 19.6% during the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after purchasing an additional 18,657 shares in the last quarter. Hamlin Capital Management LLC boosted its holdings in shares of Genuine Parts by 12.3% during the 3rd quarter. Hamlin Capital Management LLC now owns 591,075 shares of the specialty retailer’s stock valued at $82,561,000 after buying an additional 64,520 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Genuine Parts by 137.9% in the 1st quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock worth $3,560,000 after buying an additional 13,330 shares during the period. Orion Portfolio Solutions LLC increased its stake in shares of Genuine Parts by 707.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 14,691 shares of the specialty retailer’s stock worth $2,276,000 after acquiring an additional 12,871 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its stake in shares of Genuine Parts by 422.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 7,840 shares of the specialty retailer’s stock worth $1,215,000 after acquiring an additional 6,340 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Down 0.9 %

Shares of GPC stock opened at $116.27 on Thursday. The company has a current ratio of 1.17, a quick ratio of 0.54 and a debt-to-equity ratio of 0.81. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The stock has a market capitalization of $16.20 billion, a P/E ratio of 12.96 and a beta of 0.90. The firm’s 50 day moving average is $135.82 and its 200 day moving average is $141.50.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The firm had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the business earned $2.49 earnings per share. Research analysts expect that Genuine Parts will post 8.1 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s payout ratio is currently 44.59%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. UBS Group cut their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Truist Financial dropped their price target on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Evercore ISI raised their price objective on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday, October 22nd. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Wedbush cut their target price on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $139.57.

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.