Glenmede Trust Co. NA Sells 2,928 Shares of Genuine Parts (NYSE:GPC)

Glenmede Trust Co. NA reduced its position in shares of Genuine Parts (NYSE:GPC) by 4.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 67,724 shares of the specialty retailer’s stock after selling 2,928 shares during the quarter. Glenmede Trust Co. NA’s holdings in Genuine Parts were worth $9,460,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in GPC. Price T Rowe Associates Inc. MD increased its position in Genuine Parts by 0.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 192,927 shares of the specialty retailer’s stock valued at $29,891,000 after acquiring an additional 1,127 shares during the period. Tidal Investments LLC raised its position in Genuine Parts by 63.8% during the 1st quarter. Tidal Investments LLC now owns 11,866 shares of the specialty retailer’s stock worth $1,838,000 after purchasing an additional 4,620 shares during the last quarter. Swedbank AB bought a new position in Genuine Parts during the 1st quarter worth $18,647,000. Atria Investments Inc grew its position in shares of Genuine Parts by 107.9% in the 1st quarter. Atria Investments Inc now owns 19,374 shares of the specialty retailer’s stock valued at $3,002,000 after buying an additional 10,055 shares during the last quarter. Finally, Burney Co. increased its stake in shares of Genuine Parts by 2.5% in the first quarter. Burney Co. now owns 4,080 shares of the specialty retailer’s stock valued at $632,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Price Performance

Shares of NYSE GPC opened at $126.77 on Friday. The firm has a market capitalization of $17.63 billion, a P/E ratio of 16.32 and a beta of 0.92. The firm’s 50-day moving average price is $128.63 and its 200-day moving average price is $136.63. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. Genuine Parts has a 1-year low of $112.74 and a 1-year high of $164.45.

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

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, December 6th. Genuine Parts’s payout ratio is currently 51.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. cut their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Redburn Atlantic upgraded shares of Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Truist Financial decreased their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. The Goldman Sachs Group dropped their target price on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Finally, UBS Group decreased their price target on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Genuine Parts currently has an average rating of “Hold” and an average price target of $139.57.

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.