Short Interest in Genuine Parts (NYSE:GPC) Expands By 29.9%

Genuine Parts (NYSE:GPC) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 2,870,000 shares, an increase of 29.9% from the October 31st total of 2,210,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.1% of the company’s stock are short sold.

Genuine Parts Price Performance

Genuine Parts stock traded down $0.18 during mid-day trading on Monday, reaching $126.55. 20,176 shares of the company were exchanged, compared to its average volume of 1,050,769. The firm has a market cap of $17.60 billion, a PE ratio of 16.31 and a beta of 0.92. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57. The company has a fifty day simple moving average of $128.43 and a 200-day simple moving average of $136.15. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The company had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned $2.49 EPS. As a group, equities research analysts expect that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a $1.00 dividend. The ex-dividend date is Friday, December 6th. This represents a $4.00 dividend on an annualized basis and a yield of 3.16%. Genuine Parts’s dividend payout ratio (DPR) is 51.48%.

Analysts Set New Price Targets

GPC has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Wedbush lowered their price objective on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. The Goldman Sachs Group dropped their price objective on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI boosted their target price on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a report on Tuesday, October 22nd. Finally, Redburn Atlantic upgraded shares of Genuine Parts to a “hold” rating in a report on Monday, November 11th. Seven 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.com, Genuine Parts has a consensus rating of “Hold” and a consensus target price of $139.57.

Institutional Investors Weigh In On Genuine Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Genuine Parts by 5.4% in the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after purchasing an additional 401,180 shares in the last quarter. Geode Capital Management LLC boosted its position in Genuine Parts by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,296,965 shares of the specialty retailer’s stock worth $458,947,000 after buying an additional 32,858 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Genuine Parts by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,743,970 shares of the specialty retailer’s stock worth $383,511,000 after acquiring an additional 30,354 shares during the last quarter. Stifel Financial Corp increased its position in Genuine Parts by 1.2% in the 3rd quarter. Stifel Financial Corp now owns 2,057,593 shares of the specialty retailer’s stock valued at $287,405,000 after acquiring an additional 25,015 shares during the period. Finally, Wulff Hansen & CO. raised its stake in shares of Genuine Parts by 13,732.0% during the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer’s stock valued at $216,675,000 after acquiring an additional 1,555,149 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.