Genuine Parts (NYSE:GPC) Given New $120.00 Price Target at Wedbush

Genuine Parts (NYSE:GPC) had its price target lowered by Wedbush from $145.00 to $120.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the specialty retailer’s stock.

GPC has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday. UBS Group cut their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial reiterated a “buy” rating and set a $164.00 target price on shares of Genuine Parts in a report on Wednesday, August 28th. Evercore ISI lifted their price target on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research note on Tuesday. Finally, The Goldman Sachs Group reduced their price objective on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Six 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, the stock presently has an average rating of “Hold” and an average price target of $139.57.

Genuine Parts Price Performance

Shares of GPC stock opened at $116.24 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The firm has a fifty day moving average of $138.23 and a 200-day moving average of $142.63. The firm has a market capitalization of $16.19 billion, a price-to-earnings ratio of 12.96 and a beta of 0.90.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The business had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.49 earnings per share. On average, equities research analysts forecast that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.44%. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Hedge Funds Weigh In On Genuine Parts

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank lifted its stake in Genuine Parts by 19.6% in the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after acquiring an additional 18,657 shares during the last quarter. Mezzasalma Advisors LLC grew its holdings in Genuine Parts by 497.0% during the first quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock worth $1,865,000 after purchasing an additional 10,019 shares during the period. Acadian Asset Management LLC grew its holdings in Genuine Parts by 137.9% during the first quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock worth $3,560,000 after purchasing an additional 13,330 shares during the period. Hennessy Advisors Inc. acquired a new position in Genuine Parts during the first quarter worth approximately $3,083,000. Finally, Wellington Management Group LLP raised its stake in Genuine Parts by 726.9% in the fourth quarter. Wellington Management Group LLP now owns 54,742 shares of the specialty retailer’s stock valued at $7,582,000 after buying an additional 48,122 shares during the period. 78.83% of the stock is owned by institutional investors.

Genuine Parts Company 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.