Woodley Farra Manion Portfolio Management Inc. has increased its stake in Genuine Parts Company (NYSE: GPC) by 2.8% during the second quarter of 2023. This was confirmed in the firm’s latest filing with the Securities and Exchange Commission. Following this acquisition, Woodley Farra Manion now holds 24,219 shares of the specialty retailer, which are valued at approximately $2.96 million.
Other institutional investors have also adjusted their positions in Genuine Parts. Notably, Golden State Wealth Management LLC raised its holdings by an astounding 8,833.3% in the same quarter, bringing its total to 268 shares, worth around $33,000. Similarly, Concord Wealth Partners increased its ownership by 148.7%, now holding 296 shares valued at $36,000.
In a similar vein, Hantz Financial Services Inc. boosted its stake by 7,825.0%, while Quaker Wealth Management LLC raised its position by 11,533.3%. Both firms’ new share totals stand at 317 and 343 shares respectively, valued at approximately $38,000 and $42,000. Additionally, Cromwell Holdings LLC increased its stake by 49.1%, bringing its total to 346 shares valued at $42,000. Collectively, institutional investors and hedge funds own 78.83% of Genuine Parts.
Analysts have also shown increased interest in Genuine Parts, with several recent upgrades. On October 10, 2023, The Goldman Sachs Group changed its rating from “sell” to “neutral” and raised the target price from $130.00 to $142.00. In a report released the following day, UBS Group also lifted its price target from $135.00 to $140.00, maintaining a “neutral” rating.
Meanwhile, Evercore ISI increased its price objective from $148.00 to $150.00, giving the company an “outperform” rating. Weiss Ratings reiterated a “hold (c)” rating, while Loop Capital raised its target from $155.00 to $160.00, assigning a “buy” rating. Currently, one analyst rates the stock as a Strong Buy, four have assigned a Buy rating, and four have given it a Hold rating. According to MarketBeat, Genuine Parts holds an average rating of “Moderate Buy” with a consensus price target of $148.00.
On the market, shares of Genuine Parts opened at $127.30. The company’s fifty-day moving average stands at $133.68, while the 200-day moving average is $129.83. With a market capitalization of $17.71 billion, Genuine Parts has a price-to-earnings ratio of 21.91 and a beta of 0.75. The company’s debt-to-equity ratio is 0.78, with a current ratio of 1.14 and a quick ratio of 0.51. Over the past year, Genuine Parts has seen a low of $104.01 and a high of $143.48.
The company recently announced its earnings results on October 21, 2023, reporting earnings per share (EPS) of $1.98 for the quarter. This fell short of analysts’ expectations, which had anticipated an EPS of $2.02. Genuine Parts generated revenue of $6.26 billion, exceeding forecasts of $6.12 billion. Year-over-year revenue increased by 4.9%, compared to $1.88 EPS during the same quarter last year. For the fiscal year 2025, the company has set guidance at $7.50 to $7.75 EPS, with sell-side analysts predicting an EPS of $7.90 for the current fiscal year.
In related news, Naveen Krishna, Executive Vice President of Genuine Parts, sold 5,303 shares on September 26, 2023, at an average price of $138.12. The proceeds from this transaction totaled approximately $732,450.36. Following this sale, Krishna retains 26,112 shares of the company, valued at around $3.61 million, reflecting a 16.88% decrease in ownership. This transaction has been disclosed in a filing with the SEC.
Genuine Parts Company is a distributor of automotive replacement parts and industrial materials, operating through two segments: Automotive Parts Group and Industrial Parts Group. The company provides parts for a variety of vehicles, including hybrid and electric models, trucks, and motorcycles, as well as equipment used by service stations and repair shops.
