Gabelli Funds LLC Sells 10,300 Shares of Genuine Parts (NYSE:GPC)

Gabelli Funds LLC reduced its position in shares of Genuine Parts (NYSE:GPC) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 858,300 shares of the specialty retailer’s stock after selling 10,300 shares during the quarter. Genuine Parts accounts for 0.8% of Gabelli Funds LLC’s investment portfolio, making the stock its 23rd biggest holding. Gabelli Funds LLC’s holdings in Genuine Parts were worth $100,215,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Genuine Parts during the 4th quarter worth about $206,645,000. Equity Investment Corp bought a new stake in shares of Genuine Parts during the fourth quarter worth approximately $84,128,000. Invesco Ltd. grew its position in shares of Genuine Parts by 18.9% in the fourth quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer’s stock valued at $380,898,000 after purchasing an additional 518,851 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Genuine Parts during the fourth quarter worth approximately $57,407,000. Finally, Baupost Group LLC MA acquired a new stake in Genuine Parts during the 4th quarter worth approximately $36,819,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Genuine Parts stock opened at $116.19 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. The stock has a market cap of $16.13 billion, a PE ratio of 17.96 and a beta of 0.82. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $164.45. The business’s 50-day moving average price is $120.23 and its two-hundred day moving average price is $121.91.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.07. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same period last year, the company posted $2.26 EPS. As a group, analysts expect that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.55%. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, March 7th. Genuine Parts’s dividend payout ratio is presently 63.68%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Loop Capital assumed coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 price target on the stock. Evercore ISI raised shares of Genuine Parts from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $128.00 to $135.00 in a report on Friday, April 4th. Truist Financial lifted their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $114.00 target price (down from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and an average target price of $135.88.

Genuine Parts 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.