Genuine Parts (NYSE:GPC) Sees Significant Growth in Short Interest

Genuine Parts (NYSE:GPC) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 5,440,000 shares, an increase of 20.4% from the February 13th total of 4,520,000 shares. Based on an average daily volume of 1,460,000 shares, the short-interest ratio is presently 3.7 days. Approximately 3.9% of the company’s stock are sold short.

Genuine Parts Stock Down 0.0 %

NYSE:GPC traded down $0.04 on Thursday, hitting $124.55. The stock had a trading volume of 161,277 shares, compared to its average volume of 1,552,308. The firm’s fifty day simple moving average is $120.84 and its two-hundred day simple moving average is $125.03. The stock has a market cap of $17.28 billion, a P/E ratio of 19.25 and a beta of 0.93. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16.

Genuine Parts (NYSE:GPC) last released its 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. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The firm had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the firm earned $2.26 EPS. Analysts predict that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts’s payout ratio is currently 63.68%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Loop Capital initiated coverage on Genuine Parts in a report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price target on the stock. Evercore ISI decreased their price objective on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Finally, Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $137.63.

Institutional Trading of Genuine Parts

A number of institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its position in Genuine Parts by 59.9% during the third quarter. Victory Capital Management Inc. now owns 199,232 shares of the specialty retailer’s stock worth $27,829,000 after buying an additional 74,607 shares in the last quarter. Metis Global Partners LLC raised its holdings in Genuine Parts by 1.9% in the 3rd quarter. Metis Global Partners LLC now owns 4,477 shares of the specialty retailer’s stock worth $625,000 after purchasing an additional 85 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Genuine Parts by 7.1% during the 3rd quarter. CIBC Asset Management Inc now owns 23,768 shares of the specialty retailer’s stock valued at $3,320,000 after purchasing an additional 1,572 shares in the last quarter. Royce & Associates LP increased its position in shares of Genuine Parts by 8.7% during the third quarter. Royce & Associates LP now owns 12,500 shares of the specialty retailer’s stock valued at $1,746,000 after buying an additional 1,000 shares during the period. Finally, Empirical Finance LLC raised its stake in Genuine Parts by 2.3% in the third quarter. Empirical Finance LLC now owns 4,885 shares of the specialty retailer’s stock worth $682,000 after buying an additional 110 shares in the last quarter. Hedge funds and other institutional investors 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.