Envestnet Asset Management Inc. Raises Stock Position in Genuine Parts Company $GPC

Envestnet Asset Management Inc. grew its stake in Genuine Parts Company (NYSE:GPC) by 4.1% in the 3rd quarter, Holdings Channel reports. The firm owned 549,830 shares of the specialty retailer’s stock after purchasing an additional 21,820 shares during the period. Envestnet Asset Management Inc.’s holdings in Genuine Parts were worth $76,206,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Quadcap Wealth Management LLC raised its stake in Genuine Parts by 1.4% in the second quarter. Quadcap Wealth Management LLC now owns 5,578 shares of the specialty retailer’s stock worth $677,000 after buying an additional 75 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Genuine Parts by 12.2% in the 2nd quarter. Penserra Capital Management LLC now owns 747 shares of the specialty retailer’s stock worth $90,000 after acquiring an additional 81 shares in the last quarter. Avidian Wealth Enterprises LLC raised its position in shares of Genuine Parts by 3.3% in the 2nd quarter. Avidian Wealth Enterprises LLC now owns 2,577 shares of the specialty retailer’s stock worth $313,000 after acquiring an additional 82 shares in the last quarter. Capital Square LLC boosted its position in shares of Genuine Parts by 2.0% during the second quarter. Capital Square LLC now owns 4,442 shares of the specialty retailer’s stock valued at $553,000 after purchasing an additional 85 shares in the last quarter. Finally, Voya Financial Advisors Inc. boosted its position in shares of Genuine Parts by 0.8% during the third quarter. Voya Financial Advisors Inc. now owns 11,160 shares of the specialty retailer’s stock valued at $1,554,000 after purchasing an additional 85 shares in the last quarter. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $148.42 on Monday. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $148.58. The firm’s 50-day moving average is $131.63 and its 200 day moving average is $133.03. The stock has a market cap of $20.65 billion, a price-to-earnings ratio of 25.55 and a beta of 0.74. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.14 and a quick ratio of 0.51.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 5th. Investors of record on Friday, December 5th were given a dividend of $1.03 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $4.12 annualized dividend and a dividend yield of 2.8%. Genuine Parts’s dividend payout ratio (DPR) is 70.91%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GPC. The Goldman Sachs Group upgraded Genuine Parts from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $130.00 to $142.00 in a report on Thursday, November 13th. JPMorgan Chase & Co. increased their price target on shares of Genuine Parts from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, October 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Genuine Parts in a research report on Monday, December 29th. Finally, Truist Financial upped their price objective on shares of Genuine Parts from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Genuine Parts currently has a consensus rating of “Moderate Buy” and an average price target of $148.00.

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.