Berkshire Bank Increases Stake in Genuine Parts Company $GPC

by · The Markets Daily

Berkshire Bank increased its holdings in Genuine Parts Company (NYSE:GPC – Free Report) by 11.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,845 shares of the specialty retailer’s stock after purchasing an additional 298 shares during the period. Berkshire Bank’s holdings in Genuine Parts were worth $345,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Cornerstone Wealth Group LLC purchased a new stake in shares of Genuine Parts in the 1st quarter valued at $3,344,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Genuine Parts by 11.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,430 shares of the specialty retailer’s stock valued at $2,657,000 after purchasing an additional 2,290 shares in the last quarter. United Community Bank boosted its stake in shares of Genuine Parts by 4,452.1% in the 1st quarter. United Community Bank now owns 16,251 shares of the specialty retailer’s stock valued at $1,936,000 after purchasing an additional 15,894 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Genuine Parts in the 1st quarter valued at $2,422,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Genuine Parts by 276.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,352,772 shares of the specialty retailer’s stock valued at $399,449,000 after purchasing an additional 2,461,497 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of Genuine Parts from $134.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, July 23rd. Truist Financial increased their price target on shares of Genuine Parts from $137.00 to $143.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. UBS Group increased their price target on shares of Genuine Parts from $125.00 to $135.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Evercore ISI increased their price target on shares of Genuine Parts from $145.00 to $148.00 and gave the company an “outperform” rating in a research report on Tuesday, August 26th. Finally, Loop Capital increased their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.86.

Get Our Latest Stock Report on GPC

Genuine Parts Stock Up 0.4%

Shares of Genuine Parts stock opened at $139.58 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. The company has a 50-day moving average of $134.24 and a 200 day moving average of $125.53. The firm has a market cap of $19.41 billion, a price-to-earnings ratio of 24.02 and a beta of 0.75. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $144.29.

Genuine Parts (NYSE:GPC – Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.02. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.10 billion. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%. Genuine Parts’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the business earned $2.44 EPS. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, sell-side analysts anticipate that Genuine Parts Company will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, September 5th. Genuine Parts’s dividend payout ratio (DPR) is currently 70.91%.

Genuine Parts Company Profile

(Free Report)

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.

Further Reading

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