Adage Capital Partners GP L.L.C. Takes Position in Genuine Parts (NYSE:GPC)

by · The Cerbat Gem

Adage Capital Partners GP L.L.C. bought a new stake in Genuine Parts (NYSE:GPC – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 93,315 shares of the specialty retailer’s stock, valued at approximately $10,895,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Millstone Evans Group LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at about $25,000. Kestra Investment Management LLC acquired a new position in Genuine Parts in the 4th quarter valued at about $28,000. First Command Advisory Services Inc. acquired a new position in Genuine Parts in the 4th quarter valued at about $28,000. Compass Planning Associates Inc acquired a new position in Genuine Parts in the 4th quarter valued at about $29,000. Finally, Synergy Asset Management LLC acquired a new position in Genuine Parts in the 4th quarter valued at about $32,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Down 0.4 %

Shares of NYSE:GPC opened at $116.62 on Monday. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The firm has a market cap of $16.19 billion, a price-to-earnings ratio of 18.02 and a beta of 0.82. The stock’s 50-day moving average price is $118.98 and its two-hundred day moving average price is $120.54. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $162.06.

Genuine Parts (NYSE:GPC – Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 EPS for the quarter, beating the consensus estimate of $1.66 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. On average, research analysts forecast that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were issued a $1.03 dividend. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.12 annualized dividend and a yield of 3.53%. Genuine Parts’s payout ratio is 67.65%.

Wall Street Analyst Weigh In

Several research firms have issued reports on GPC. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research report on Saturday. Truist Financial boosted their target price on Genuine Parts from $133.00 to $137.00 and gave the stock a “buy” rating in a research report on Thursday. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Loop Capital started coverage on Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 target price on the stock. Finally, Evercore ISI decreased their price target on Genuine Parts from $135.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Genuine Parts currently has a consensus rating of “Hold” and an average target price of $130.86.

Read Our Latest Stock Analysis on Genuine Parts

About Genuine Parts

(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

Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts (NYSE:GPC – Free Report).