Genuine Parts (NYSE:GPC) Shares Acquired by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its holdings in shares of Genuine Parts (NYSE:GPC) by 436.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,451 shares of the specialty retailer’s stock after purchasing an additional 25,583 shares during the period. Canada Pension Plan Investment Board’s holdings in Genuine Parts were worth $3,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Caprock Group LLC purchased a new position in shares of Genuine Parts during the fourth quarter worth about $540,000. Verity & Verity LLC grew its stake in shares of Genuine Parts by 9.7% in the 4th quarter. Verity & Verity LLC now owns 104,473 shares of the specialty retailer’s stock valued at $12,198,000 after purchasing an additional 9,199 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Genuine Parts in the fourth quarter valued at approximately $21,840,000. JPMorgan Chase & Co. raised its stake in shares of Genuine Parts by 6.6% during the third quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer’s stock worth $257,124,000 after purchasing an additional 114,180 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Genuine Parts during the fourth quarter worth $57,407,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Trading Up 2.7 %

Shares of GPC stock opened at $114.84 on Wednesday. The stock has a market cap of $15.94 billion, a P/E ratio of 17.75 and a beta of 0.82. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. Genuine Parts has a fifty-two week low of $104.01 and a fifty-two week high of $163.86. The business has a fifty day simple moving average of $119.41 and a 200-day simple moving average of $121.00.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. On average, analysts forecast that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Friday, March 7th. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio is 63.68%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Evercore ISI upgraded shares of Genuine Parts from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $128.00 to $135.00 in a research report on Friday, April 4th. Northcoast Research cut shares of Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Loop Capital assumed coverage on Genuine Parts in a report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price objective on the stock. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 target price (down from $133.00) on shares of Genuine Parts in a research note on Tuesday, April 1st. Finally, StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Genuine Parts has an average rating of “Moderate Buy” and a consensus price target of $131.00.

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.