On September 5, 2023, Dimensional Fund Advisors LP announced a decrease in its position in Genuine Parts (NYSE:GPC) by 0.6% during the 1st quarter of the year. This information was disclosed in their recent Form 13F filing with the Securities & Exchange Commission. The institutional investor now holds approximately 916,632 shares of the specialty retailer’s stock, having sold 5,744 shares during the period. Based on their most recent filing with the Securities & Exchange Commission, Dimensional Fund Advisors LP’s stake in Genuine Parts is estimated to be worth $153,348,000.
In addition to this development, Genuine Parts recently declared a quarterly dividend that is scheduled to be paid on Monday, October 2nd. Shareholders who hold stock as of Friday, September 8th will receive a dividend of $0.95 per share. With an annualized dividend of $3.80 and a yield of 2.45%, Genuine Parts continues to offer attractive returns to its shareholders. The ex-dividend date has been set for Thursday, September 7th.
It is worth noting that Genuine Parts has maintained a steady payout ratio of 44.44%. This indicates that the company is returning a significant portion of its profits to shareholders through dividends while also reinvesting in its operations for future growth and expansion.
As an established specialty retailer, Genuine Parts operates various divisions that include automotive replacement parts (NAPA Auto Parts), industrial and electrical components (Motion Industries), office products (SP Richards Company), and electronic materials (EIS). The company has built a strong reputation over the years by providing quality products and exceptional customer service.
While Dimensional Fund Advisors LP’s decision to reduce its stake may raise questions among investors about Genuine Part’s stock performance and prospects for growth, it is important to consider all relevant factors before drawing any conclusions or making investment decisions.
Investors and analysts may continue to monitor Genuine Parts closely in the coming months as they assess the impact of this change in ownership and evaluate any potential implications it may have on the company’s financials and overall market performance.
Please note that this article is based solely on the information available as of September 5, 2023. Any subsequent developments or announcements by Genuine Parts or Dimensional Fund Advisors LP may affect the analysis and outlook for the company moving forward. Therefore, it is recommended to seek updated information from reliable sources before making any investment decisions related to Genuine Parts (NYSE:GPC).
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Recent Changes in Institutional Ownership and Analyst Ratings of Genuine Parts (NYSE: GPC)
In a surprising turn of events, several institutional investors and hedge funds have recently made changes to their positions in the specialty retailer, Genuine Parts (NYSE:GPC). Bahl & Gaynor Inc., for example, grew its position in Genuine Parts by a minuscule 0.4% during the fourth quarter. They now own 13,652 shares of the company’s stock, valued at $2,369,000 after purchasing an additional 59 shares during that period.
Salem Investment Counselors Inc., on the other hand, took a more significant leap as it grew its position in Genuine Parts by an impressive 42.9%, also during the fourth quarter. They now own 200 shares of the stock worth $35,000 after purchasing an additional 60 shares during that time frame.
Mendel Money Management joined the bandwagon as well by growing its position in Genuine Parts by 2.0% during the first quarter. Their ownership now stands at 3,387 shares of the company’s stock worth $567,000 after acquiring an additional 65 shares.
Joule Financial LLC also decided to capitalize on Genuine Parts’ potential and grew their position by a mere 0.5% during the first quarter. With an extra 66 shares added to their portfolio, they now hold a total of 13,577 shares valued at $2,284,000.
Finally, Chicago Partners Investment Group LLC entered into the game with modest gains as they grew their position in Genuine Parts by 1.9% during the first quarter. Now owning 3,504 shares of the company’s stock valued at $586,000 after acquiring an additional 66 shares.
It is important to note that these actions carried out by institutional investors reflect robustness and perplexity due to their minute increase or decrease in terms of share ownership. Institutional investors currently own a staggering majority percentage accounting for approximately 77.51% of Genuine Parts’ stock.
Financial research analysts have also closely monitored Genuine Parts’ performance and have issued reports regarding the company’s stocks. Bank of America, for instance, raised its rating from “neutral” to “buy,” subsequently boosting the price objective for the company from $185.00 to $189.00 in a research report on June 1st.
Stephens, a renowned equity researcher, took a different stance by cutting their price objective on Genuine Parts shares from $172.00 to $168.00 while setting an “equal weight” rating for the company in their research report on July 21st.
Other notable researchers, such as Evercore ISI and Northcoast Research, have also reduced their price objectives for Genuine Parts’ stock in recent reports released before July 21st. However, both institutions still hold a positive outlook toward the company by maintaining a “buy” rating and respective price objectives of $165.00 and $195.00.
Even JPMorgan Chase & Co., though lowering its target price on shares from $190.00 to $184.00, maintained an “overweight” rating on the stock in their research note published on July 21st.
Overall, there is considerable diversity among these experts’ opinions regarding Genuine Parts’ stock performance with three analysts constituting hold ratings and five expressing buy ratings towards the company’s shares. According to data obtained from Bloomberg, Genuine Parts currently holds an average rating of “Moderate Buy” and an average target price of $177.00.
On Tuesday morning, Genuine Parts opened at a modest value of $155.08 per share—an expected response considering the mixed opinions expressed by equity researchers surrounding the specialty retailer’s stocks.
Furthermore, it is worth noting that Genuine Parts has had its fair share of fluctuations over the past year with stock prices ranging from a fifty-two week low of $145.30 to a high of $187.73.
At present, the company demonstrates a stable fifty-day moving average of $159.51 and a 200-day moving average of $163.12. Genuine Parts boasts a market capitalization of $21.78 billion and has maintained a price-to-earnings ratio of 18.14, showcasing its steady performance in the market.
Genuine Parts last announced its quarterly earnings results on July 20th, revealing an impressive achievement of $2.44 earnings per share for the quarter—an impressive feat considering it surpassed the consensus estimate of $2.34 by $0.10.
Moreover, the company demonstrated a revenue figure of $5.92 billion for that quarter, slightly below analysts’ expectations set at $5.96 billion. Nevertheless, Genuine Parts still managed to showcase growth with its quarterly revenue up by 5.6% compared to the same period last year.
Additionally, Genuine Parts maintains a net margin of 5.30% and an exceptional return on equity rate at 32.43%, further solidifying its position as a formidable player within the specialty retail industry.
As for future projections, sell-side analysts believe that Genuine Parts will post an impressive estimated earnings per share figure of 9.24 for the current fiscal
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