California Public Employees Retirement System Has $69.13 Million Position in Genuine Parts (NYSE:GPC)

California Public Employees Retirement System cut its position in Genuine Parts (NYSE:GPC) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 592,030 shares of the specialty retailer’s stock after selling 8,825 shares during the period. California Public Employees Retirement System owned about 0.43% of Genuine Parts worth $69,125,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Genuine Parts by 13.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,886 shares of the specialty retailer’s stock worth $4,314,000 after purchasing an additional 3,601 shares during the period. Public Sector Pension Investment Board raised its holdings in Genuine Parts by 15.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,068 shares of the specialty retailer’s stock worth $848,000 after buying an additional 800 shares during the period. Verition Fund Management LLC lifted its stake in Genuine Parts by 6.6% in the third quarter. Verition Fund Management LLC now owns 18,631 shares of the specialty retailer’s stock valued at $2,602,000 after buying an additional 1,151 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Genuine Parts by 1,038.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer’s stock worth $38,803,000 after acquiring an additional 253,400 shares in the last quarter. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Genuine Parts during the third quarter worth $1,237,000. 78.83% of the stock is owned by institutional investors.

Genuine Parts Stock Performance

Shares of GPC opened at $119.27 on Tuesday. The company has a market cap of $16.55 billion, a PE ratio of 18.43 and a beta of 0.93. The firm has a 50-day moving average of $121.14 and a 200-day moving average of $123.88. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same quarter last year, the company posted $2.26 earnings per share. As a group, equities analysts forecast that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently declared 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 3.45%. The ex-dividend date is Friday, March 7th. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio is 63.68%.

Analysts Set New Price Targets

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

Genuine Parts 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.