Genuine Parts (NYSE:GPC) Short Interest Up 29.9% in November

Genuine Parts (NYSE:GPC) was the recipient of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 2,870,000 shares, an increase of 29.9% from the October 31st total of 2,210,000 shares. Currently, 2.1% of the shares of the company are sold short. Based on an average trading volume of 1,210,000 shares, the days-to-cover ratio is currently 2.4 days.

Analysts Set New Price Targets

A number of brokerages have commented on GPC. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. The Goldman Sachs Group dropped their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a report on Monday, November 11th. Finally, Wedbush dropped their price objective on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Genuine Parts has an average rating of “Hold” and a consensus target price of $139.57.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GPC. Ashton Thomas Securities LLC acquired a new position in shares of Genuine Parts in the 3rd quarter worth $26,000. Capital Performance Advisors LLP acquired a new position in shares of Genuine Parts in the 3rd quarter valued at $31,000. Concord Wealth Partners increased its stake in Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after purchasing an additional 119 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in Genuine Parts during the 2nd quarter worth about $40,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in Genuine Parts during the third quarter valued at about $44,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Down 0.1 %

GPC opened at $126.73 on Monday. The stock’s fifty day moving average is $128.43 and its 200-day moving average is $136.28. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The company has a market capitalization of $17.62 billion, a PE ratio of 16.31 and a beta of 0.92. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17.

Genuine Parts (NYSE:GPC) last issued 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 net margin of 4.67% and a return on equity of 27.23%. The business had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. During the same period in the previous year, the company posted $2.49 earnings per share. Genuine Parts’s revenue was up 3.0% compared to the same quarter last year. On average, equities analysts predict that Genuine Parts will post 8.09 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

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