Equity Investment Corp Sells 15,008 Shares of Genuine Parts Company $GPC

Equity Investment Corp trimmed its position in shares of Genuine Parts Company (NYSE:GPC) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 959,077 shares of the specialty retailer’s stock after selling 15,008 shares during the period. Genuine Parts comprises 1.7% of Equity Investment Corp’s investment portfolio, making the stock its 20th largest position. Equity Investment Corp’s holdings in Genuine Parts were worth $120,594,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. SteelPeak Wealth LLC lifted its holdings in shares of Genuine Parts by 61.3% in the 1st quarter. SteelPeak Wealth LLC now owns 26,671 shares of the specialty retailer’s stock worth $2,848,000 after acquiring an additional 10,141 shares during the last quarter. Bastion Asset Management Inc. purchased a new stake in shares of Genuine Parts in the 1st quarter valued at $16,978,000. Bank of America Corp DE purchased a new stake in shares of Genuine Parts in the 2nd quarter valued at $201,072,000. Deutsche Bank AG purchased a new stake in shares of Genuine Parts in the 2nd quarter valued at $101,240,000. Finally, Empowered Funds LLC purchased a new stake in shares of Genuine Parts in the 2nd quarter valued at $1,304,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Price Performance

Shares of Genuine Parts stock opened at $124.60 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.54. The business’s 50 day simple moving average is $128.42 and its two-hundred day simple moving average is $119.90. The stock has a market capitalization of $17.18 billion, a P/E ratio of 498.39, a price-to-earnings-growth ratio of 2.75 and a beta of 0.65. Genuine Parts Company has a one year low of $90.78 and a one year high of $151.57.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, October 20th. The specialty retailer reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.03. Genuine Parts had a return on equity of 23.00% and a net margin of 0.12%. The firm had revenue of $6.52 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the previous year, the company posted $1.98 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. Analysts forecast that Genuine Parts Company will post 7.62 EPS for the current year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Friday, December 4th will be issued a $1.0625 dividend. The ex-dividend date is Friday, December 4th. This represents a $4.25 annualized dividend and a dividend yield of 3.4%. Genuine Parts’s dividend payout ratio (DPR) is currently 1,700.00%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. UBS Group increased their target price on shares of Genuine Parts from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, October 21st. The Goldman Sachs Group set a $122.00 price target on shares of Genuine Parts in a research note on Tuesday, October 20th. Truist Financial upped their price target on shares of Genuine Parts from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Tuesday, October 20th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $165.00 price objective on shares of Genuine Parts in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genuine Parts in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.00.

Genuine Parts Profile

Genuine Parts Company is a distributor of automotive replacement parts and industrial products. Founded in 1928 and headquartered in Atlanta, Georgia, the company serves businesses and consumers through its distribution networks and brands. Its automotive business distributes replacement parts, accessories and related products, including through the NAPA Auto Parts brand. Its industrial business, operating primarily as Motion, supplies products such as bearings, power-transmission components, fluid-power equipment and other maintenance and repair items to industrial customers.