The Manufacturers Life Insurance Company increased its stake in Genuine Parts Company (NYSE:GPC) by 2.7% during the fourth quarter, as revealed in its latest SEC filing. The company now owns 109,284 shares of Genuine Parts, valued at $12,760,000, representing 0.08% of the specialty retailer’s stock.
Other institutional investors have also adjusted their positions in Genuine Parts. Caprock Group LLC established a new stake worth approximately $540,000, while Dimensional Fund Advisors LP increased its position by 12.1%. Canada Pension Plan Investment Board significantly raised its stake by 436.0%, and Verity & Verity LLC increased its holdings by 9.7%. Proficio Capital Partners LLC also acquired a new stake worth $21,840,000.
Trading Information and Financials
Genuine Parts’ stock opened at $120.30 on Friday, with a 52-week low of $104.01 and a high of $159.77. The company boasts a market capitalization of $16.70 billion and a PE ratio of 18.59. Its quick ratio stands at 0.57, with a current ratio of 1.16 and a debt-to-equity ratio of 0.86.
Recent Earnings and Dividend Announcement
The company reported earnings per share (EPS) of $1.75 for the quarter, surpassing the consensus estimate of $1.66. Genuine Parts also declared a quarterly dividend of $1.03 per share, representing an annualized dividend of $4.12 and a yield of 3.42%. The ex-dividend date was set for June 6th, with the dividend to be paid on July 2nd.
Analyst Ratings and Price Targets
Analysts have issued various ratings for Genuine Parts. Evercore ISI lowered its price target from $135.00 to $130.00, maintaining an ‘outperform’ rating. Northcoast Research downgraded the stock from ‘buy’ to ‘neutral’, while Loop Capital initiated coverage with a ‘buy’ rating and a $155.00 target price. Truist Financial increased its price target from $133.00 to $137.00, giving the stock a ‘buy’ rating. The consensus rating stands at ‘Moderate Buy’ with a target price of $130.86.
Genuine Parts Company operates in two segments: Automotive Parts Group and Industrial Parts Group, distributing replacement parts for various vehicles and equipment. The company has seen significant activity from institutional investors, with 78.83% of its stock owned by hedge funds and institutional investors.
