New Wave Wealth Advisors LLC Takes Position in Genuine Parts (NYSE:GPC)

New Wave Wealth Advisors LLC acquired a new stake in Genuine Parts (NYSE:GPC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 1,844 shares of the specialty retailer’s stock, valued at approximately $215,000.

A number of other hedge funds also recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Genuine Parts by 5.4% during the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after buying an additional 401,180 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Genuine Parts by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,296,965 shares of the specialty retailer’s stock worth $458,947,000 after buying an additional 32,858 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Genuine Parts by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,743,970 shares of the specialty retailer’s stock worth $383,511,000 after purchasing an additional 30,354 shares in the last quarter. Stifel Financial Corp raised its stake in Genuine Parts by 1.2% in the 3rd quarter. Stifel Financial Corp now owns 2,057,593 shares of the specialty retailer’s stock worth $287,405,000 after purchasing an additional 25,015 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Genuine Parts by 6.6% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GPC. UBS Group dropped their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Loop Capital started coverage on shares of Genuine Parts in a report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price on the stock. JPMorgan Chase & Co. decreased their target price 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. Evercore ISI raised their target price 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, StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $141.50.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 1,608 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $120.78, for a total value of $194,214.24. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.

Genuine Parts Trading Up 1.5 %

GPC opened at $118.12 on Friday. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57. The firm has a market capitalization of $16.42 billion, a price-to-earnings ratio of 15.20 and a beta of 0.95. The company’s 50 day moving average price is $119.88 and its two-hundred day moving average price is $129.44.

Genuine Parts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.39%. Genuine Parts’s dividend payout ratio (DPR) is currently 51.48%.

About Genuine Parts

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.