Genuine Parts (NYSE:GPC) Shares Gap Down – Should You Sell?

Shares of Genuine Parts (NYSE:GPC) gapped down before the market opened on Tuesday . The stock had previously closed at $119.14, but opened at $116.00. Genuine Parts shares last traded at $117.22, with a volume of 189,196 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on GPC shares. Truist Financial upped their price target on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Evercore ISI increased their price objective on shares of Genuine Parts from $125.00 to $128.00 and gave the company an “in-line” rating in a research report on Tuesday. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 price objective (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday. Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price for the company. Finally, Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $135.00.

Genuine Parts Stock Performance

The stock’s 50-day moving average is $121.16 and its 200 day moving average is $123.72. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of 18.57 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.07. The firm had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period in the previous year, the business earned $2.26 earnings per share. As a group, analysts predict 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 given a dividend of $1.03 per share. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a yield of 3.43%. The ex-dividend date was Friday, March 7th. Genuine Parts’s dividend payout ratio is presently 63.68%.

Institutional Investors Weigh In On Genuine Parts

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in Genuine Parts during the fourth quarter worth $206,645,000. Junto Capital Management LP acquired a new stake in Genuine Parts in the 4th quarter valued at about $94,868,000. Equity Investment Corp purchased a new position in Genuine Parts during the 4th quarter valued at about $84,128,000. Alyeska Investment Group L.P. lifted its holdings in shares of Genuine Parts by 204.7% in the fourth quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer’s stock valued at $92,129,000 after purchasing an additional 530,057 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Genuine Parts by 18.9% in the fourth 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. Institutional investors and hedge funds own 78.83% of the company’s stock.

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.