Principal Financial Group Inc. Grows Stock Position in Genuine Parts (NYSE:GPC)

Principal Financial Group Inc. grew its position in shares of Genuine Parts (NYSE:GPC) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 183,533 shares of the specialty retailer’s stock after buying an additional 6,358 shares during the period. Principal Financial Group Inc. owned 0.13% of Genuine Parts worth $25,636,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Concord Wealth Partners boosted its position in Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after purchasing an additional 119 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of Genuine Parts in the second quarter valued at approximately $40,000. Catalyst Capital Advisors LLC bought a new stake in shares of Genuine Parts in the third quarter valued at approximately $44,000. Rosenberg Matthew Hamilton lifted its position in shares of Genuine Parts by 92.2% during the second quarter. Rosenberg Matthew Hamilton now owns 371 shares of the specialty retailer’s stock worth $50,000 after acquiring an additional 178 shares in the last quarter. Finally, Armstrong Advisory Group Inc. boosted its holdings in shares of Genuine Parts by 63.8% in the third quarter. Armstrong Advisory Group Inc. now owns 362 shares of the specialty retailer’s stock worth $51,000 after acquiring an additional 141 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GPC shares. Wedbush dropped their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Truist Financial decreased their target price on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Evercore ISI raised their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a report on Tuesday, October 22nd. Finally, UBS Group decreased their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Stock Performance

Genuine Parts stock opened at $122.70 on Wednesday. The firm’s fifty day moving average price is $131.64 and its 200-day moving average price is $139.05. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17. The stock has a market cap of $17.06 billion, a P/E ratio of 15.79 and a beta of 0.92. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.54). The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.49 EPS. On average, equities research analysts expect that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is presently 51.48%.

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.