Oppenheimer Asset Management Inc. Has $13.72 Million Position in Genuine Parts (NYSE:GPC)

Oppenheimer Asset Management Inc. cut its stake in Genuine Parts (NYSE:GPC) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,465 shares of the specialty retailer’s stock after selling 10,348 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.08% of Genuine Parts worth $13,715,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GPC. Assenagon Asset Management S.A. raised its holdings in Genuine Parts by 8.5% in the third quarter. Assenagon Asset Management S.A. now owns 4,627 shares of the specialty retailer’s stock worth $646,000 after purchasing an additional 361 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Genuine Parts by 36.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,814 shares of the specialty retailer’s stock worth $1,951,000 after buying an additional 3,718 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Genuine Parts by 56.0% during the third quarter. Pathway Financial Advisers LLC now owns 10,014 shares of the specialty retailer’s stock worth $1,399,000 after acquiring an additional 3,596 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in Genuine Parts by 10.0% in the third quarter. First Trust Direct Indexing L.P. now owns 5,133 shares of the specialty retailer’s stock valued at $717,000 after acquiring an additional 466 shares during the period. Finally, Pinnacle Associates Ltd. increased its holdings in shares of Genuine Parts by 12.8% in the third quarter. Pinnacle Associates Ltd. now owns 3,549 shares of the specialty retailer’s stock worth $492,000 after acquiring an additional 404 shares in the last quarter. Institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GPC. Truist Financial lifted their price objective on Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Redburn Atlantic upgraded shares of Genuine Parts to a “hold” rating in a report on Monday, November 11th. 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 objective for the company. Northcoast Research cut shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Finally, Evercore ISI lowered their target price on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Genuine Parts presently has an average rating of “Hold” and an average target price of $137.63.

Insider Activity at Genuine Parts

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 sale, the director now directly owns 11,357 shares of the company’s stock, valued at approximately $1,371,698.46. This represents a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.37% of the stock is owned by company insiders.

Genuine Parts Stock Up 0.7 %

Shares of GPC stock opened at $122.95 on Friday. The firm’s fifty day moving average price is $118.76 and its two-hundred day moving average price is $126.72. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The firm has a market capitalization of $17.06 billion, a P/E ratio of 19.00 and a beta of 0.94.

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

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio is presently 63.68%.

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.