Oppenheimer Asset Management Inc. Buys 14,084 Shares of Genuine Parts (NYSE:GPC)

Oppenheimer Asset Management Inc. lifted its holdings in Genuine Parts (NYSE:GPC) by 12.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 127,813 shares of the specialty retailer’s stock after acquiring an additional 14,084 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Genuine Parts were worth $17,853,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Ashton Thomas Securities LLC acquired a new stake in shares of Genuine Parts in the 3rd quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new stake in shares of Genuine Parts in the 3rd quarter valued at approximately $31,000. Concord Wealth Partners raised its holdings in Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after buying an additional 119 shares during the last quarter. Triad Wealth Partners LLC bought a new position in Genuine Parts in the 2nd quarter valued at approximately $40,000. Finally, Catalyst Capital Advisors LLC bought a new position in Genuine Parts in the 3rd quarter valued at approximately $44,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

NYSE:GPC traded up $0.03 on Wednesday, hitting $122.73. The stock had a trading volume of 85,962 shares, compared to its average volume of 1,049,660. The business’s 50-day simple moving average is $131.64 and its two-hundred day simple moving average is $139.05. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The stock has a market cap of $17.06 billion, a price-to-earnings ratio of 15.80 and a beta of 0.92.

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

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is 51.48%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GPC shares. JPMorgan Chase & Co. reduced their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. UBS Group lowered their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Wedbush lowered their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Truist Financial cut their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company 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 company. According to MarketBeat, the stock presently has a consensus 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.