Bank of Nova Scotia Sells 4,952 Shares of Genuine Parts Company $GPC

Bank of Nova Scotia cut its holdings in shares of Genuine Parts Company (NYSE:GPC) by 5.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 94,297 shares of the specialty retailer’s stock after selling 4,952 shares during the quarter. Bank of Nova Scotia’s holdings in Genuine Parts were worth $11,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the business. Golden State Wealth Management LLC lifted its stake in Genuine Parts by 8,833.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 268 shares of the specialty retailer’s stock valued at $33,000 after acquiring an additional 265 shares during the period. Concord Wealth Partners raised its holdings in shares of Genuine Parts by 148.7% during the second quarter. Concord Wealth Partners now owns 296 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 177 shares during the last quarter. Hantz Financial Services Inc. lifted its position in Genuine Parts by 7,825.0% during the second quarter. Hantz Financial Services Inc. now owns 317 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 313 shares during the period. Cromwell Holdings LLC boosted its holdings in Genuine Parts by 49.1% in the second quarter. Cromwell Holdings LLC now owns 346 shares of the specialty retailer’s stock worth $42,000 after purchasing an additional 114 shares during the last quarter. Finally, Quaker Wealth Management LLC grew its position in Genuine Parts by 11,533.3% in the 2nd quarter. Quaker Wealth Management LLC now owns 343 shares of the specialty retailer’s stock worth $42,000 after purchasing an additional 346 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group raised Genuine Parts from a “sell” rating to a “neutral” rating and increased their price target for the company from $130.00 to $142.00 in a report on Thursday, November 13th. Evercore ISI increased their target price on Genuine Parts from $148.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. raised their target price on Genuine Parts from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Genuine Parts in a research report on Wednesday, October 8th. Finally, UBS Group raised their price objective on shares of Genuine Parts from $135.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $148.00.

Insider Activity

In other news, EVP Naveen Krishna sold 5,303 shares of the business’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $138.12, for a total value of $732,450.36. Following the transaction, the executive vice president owned 26,112 shares of the company’s stock, valued at approximately $3,606,589.44. The trade was a 16.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by insiders.

Genuine Parts Price Performance

NYSE:GPC opened at $131.27 on Thursday. The business’s 50-day simple moving average is $129.93 and its two-hundred day simple moving average is $130.70. Genuine Parts Company has a 52 week low of $104.01 and a 52 week high of $143.48. The stock has a market cap of $18.26 billion, a PE ratio of 22.59 and a beta of 0.74. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.78.

Genuine Parts (NYSE:GPC) last released its earnings results on Tuesday, October 21st. The specialty retailer reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.04). The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $6.12 billion. Genuine Parts had a return on equity of 22.57% and a net margin of 3.36%.The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 EPS. Genuine Parts has set its FY 2025 guidance at 7.500-7.750 EPS. As a group, analysts forecast that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Friday, December 5th will be given a dividend of $1.03 per share. The ex-dividend date is Friday, December 5th. This represents a $4.12 annualized dividend and a dividend yield of 3.1%. Genuine Parts’s dividend payout ratio (DPR) is presently 70.91%.

About Genuine Parts

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.