Griffin Asset Management Inc. Sells 570 Shares of Genuine Parts (NYSE:GPC)

Griffin Asset Management Inc. trimmed its position in shares of Genuine Parts (NYSE:GPC) by 8.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,583 shares of the specialty retailer’s stock after selling 570 shares during the period. Griffin Asset Management Inc.’s holdings in Genuine Parts were worth $769,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Metis Global Partners LLC boosted its stake in Genuine Parts by 1.9% during the 3rd quarter. Metis Global Partners LLC now owns 4,477 shares of the specialty retailer’s stock valued at $625,000 after purchasing an additional 85 shares during the period. Guardian Wealth Advisors LLC boosted its position in shares of Genuine Parts by 2.7% in the third quarter. Guardian Wealth Advisors LLC now owns 3,464 shares of the specialty retailer’s stock valued at $484,000 after acquiring an additional 91 shares during the period. Marco Investment Management LLC grew its position in Genuine Parts by 1.2% in the 3rd quarter. Marco Investment Management LLC now owns 7,904 shares of the specialty retailer’s stock worth $1,104,000 after purchasing an additional 91 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in Genuine Parts by 5.9% during the third quarter. First Citizens Bank & Trust Co. now owns 1,711 shares of the specialty retailer’s stock worth $239,000 after buying an additional 95 shares in the last quarter. Finally, Citizens Financial Group Inc. RI grew its holdings in shares of Genuine Parts by 2.8% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,788 shares of the specialty retailer’s stock worth $533,000 after purchasing an additional 103 shares in the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GPC has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Loop Capital assumed coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price target for the company. Northcoast Research downgraded Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Redburn Atlantic raised Genuine Parts to a “hold” rating in a report on Monday, November 11th. Finally, UBS Group cut their price objective on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $141.50.

Genuine Parts Stock Down 2.2 %

Shares of GPC opened at $117.52 on Wednesday. The business’s fifty day moving average price is $120.06 and its two-hundred day moving average price is $129.61. The firm has a market capitalization of $16.34 billion, a price-to-earnings ratio of 15.12 and a beta of 0.95. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.40%. The ex-dividend date was Friday, December 6th. Genuine Parts’s dividend payout ratio is 51.48%.

Insider Buying and Selling

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the completion of the sale, the director now owns 11,357 shares in the company, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

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.