Mirae Asset Global Investments Co. Ltd. Makes New $6.67 Million Investment in Genuine Parts Company $GPC

Mirae Asset Global Investments Co. Ltd. bought a new stake in Genuine Parts Company (NYSE:GPC) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 53,034 shares of the specialty retailer’s stock, valued at approximately $6,668,000.

Several other hedge funds have also recently made changes to their positions in GPC. Compass Wealth Management LLC purchased a new position in Genuine Parts in the 3rd quarter worth $25,000. Elevation Wealth Partners LLC lifted its position in Genuine Parts by 510.9% during the 2nd quarter. Elevation Wealth Partners LLC now owns 281 shares of the specialty retailer’s stock worth $33,000 after acquiring an additional 235 shares during the period. Latitude Advisors LLC purchased a new stake in Genuine Parts during the 3rd quarter valued at about $37,000. EFG International AG purchased a new stake in Genuine Parts during the 2nd quarter valued at about $36,000. Finally, Clearstead Trust LLC purchased a new stake in Genuine Parts during the 2nd quarter valued at about $48,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Trading Down 1.4%

Shares of Genuine Parts stock opened at $124.65 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.54. The firm has a fifty day moving average price of $129.16 and a 200 day moving average price of $120.06. Genuine Parts Company has a 1 year low of $90.78 and a 1 year high of $151.57. The stock has a market cap of $17.19 billion, a PE ratio of 498.60, a price-to-earnings-growth ratio of 2.77 and a beta of 0.65.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 20th. The specialty retailer reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.03. Genuine Parts had a net margin of 0.12% and a return on equity of 23.00%. The company had revenue of $6.52 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same period in the previous year, the firm posted $1.98 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Equities research analysts predict that Genuine Parts Company will post 7.62 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Friday, September 4th were issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, September 4th. Genuine Parts’s payout ratio is 1,700.00%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GPC. The Goldman Sachs Group set a $122.00 price objective on Genuine Parts in a report on Tuesday, October 20th. Truist Financial lifted their target price on Genuine Parts from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Tuesday, October 20th. JPMorgan Chase & Co. upped their target price on Genuine Parts from $125.00 to $137.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Genuine Parts in a research report on Monday, September 21st. Finally, Evercore reiterated an “outperform” rating on shares of Genuine Parts in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.00.

About Genuine Parts

Genuine Parts Company (NYSE:GPC) is a distributor of automotive and industrial replacement parts. Its Automotive Parts Group supplies components and accessories for cars, trucks and other vehicles, serving professional repair shops, commercial customers and do-it-yourself consumers through distribution networks, stores and digital channels.

The company’s Industrial Parts Group distributes products used to maintain and repair manufacturing, commercial and other industrial equipment. Its offerings include bearings, power-transmission components, motion-control products, industrial supplies and related maintenance, repair and operations products.