Genuine Parts (NYSE:GPC) Short Interest Up 20.4% in February

Genuine Parts (NYSE:GPC) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 5,440,000 shares, a growth of 20.4% from the February 13th total of 4,520,000 shares. Based on an average daily trading volume, of 1,460,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 3.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Genuine Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPC. State Street Corp lifted its stake in shares of Genuine Parts by 5.4% in the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after acquiring an additional 401,180 shares during the last quarter. Geode Capital Management LLC raised its position in Genuine Parts by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 3,362,748 shares of the specialty retailer’s stock valued at $391,604,000 after purchasing an additional 65,783 shares during the last quarter. Invesco Ltd. raised its position in Genuine Parts by 18.9% during the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer’s stock valued at $380,898,000 after purchasing an additional 518,851 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Genuine Parts by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer’s stock valued at $337,428,000 after purchasing an additional 145,960 shares during the last quarter. Finally, Stifel Financial Corp raised its position in Genuine Parts by 21.6% during the 4th quarter. Stifel Financial Corp now owns 2,502,852 shares of the specialty retailer’s stock valued at $292,233,000 after purchasing an additional 445,259 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Price Performance

Genuine Parts stock traded up $0.75 during midday trading on Wednesday, hitting $124.72. 1,333,776 shares of the company’s stock were exchanged, compared to its average volume of 1,136,607. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The stock has a 50-day moving average price of $120.68 and a two-hundred day moving average price of $125.03. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The company has a market cap of $17.31 billion, a P/E ratio of 19.28 and a beta of 0.93.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $5.71 billion. During the same period in the previous year, the business earned $2.26 earnings per share. On average, equities research analysts forecast that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.30%. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, March 7th. Genuine Parts’s payout ratio is presently 63.68%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Evercore ISI decreased their target price on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Truist Financial lifted their price target on Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Loop Capital assumed coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $137.63.

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.