As of June 26, 2023, B.O.S.S. Retirement Advisors LLC has increased its position in shares of Genuine Parts by 62.1% during the first quarter. The institutional investor now owns 17,966 shares of the specialty retailer’s stock, valued at $3,006,000 at the end of the quarter after buying an additional 6,882 shares.
This news comes amid several analyst reports assessing Genuine Parts’ performance within the market. Goldman Sachs Group recently upgraded their rating from “sell” to “neutral,” with a raised price target for the stock from $163.00 to $164.00 indicating they recognized a significant valuation call on the stock.
Other analysts gave positive ratings to Genuine Parts: StockNews.com lowered it from “strong-buy” to “buy,” while Wedbush reiterated a “neutral” rating and assigned a price target of $165.00 per share on April 21st.
Bank of America raised their rating from “neutral” to a “buy” recommendation and raised their price objective for genuine parts significantly from $185.00 to $189.00 back on June 1st as Truist Financial also upped their target price on shares of Genuine Parts from $186.00 to $195.00—giving it a solid endorsement with a buy recommendation.
The consensus opinion among analysts weighing in is that Genuine Parts is ranked as having a moderate buy position, according to Bloomberg sources.
At present trading hours, Genuine Parts opened trading at around $159 per share on Monday and has not seen significant movement compared to previous months. Its fifty-day moving average hovers just above this value at around $163 per share while its two-hundred-day moving average signals further optimism in investors’ minds as it sits higher at approximately $167 per share.
Although dilutions may affect funds generated from shares purchased by investors over time (the current ratio sits at 1.16), the firm’s market cap of $22.44 billion, P/E ratio of 18.29 and beta of 0.89 suggest that Genuine Parts remains a sound investment choice for shareholders looking for long-term gains in the ever-changing business landscape.
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Recent Trading and Analyst Reports on Genuine Parts Company (NYSE:GPC)
Genuine Parts Company (NYSE:GPC) has been making waves in the financial world, with its shares being added to and reduced by several investors in recent times. OLD Mission Capital LLC acquired a new position in Genuine Parts’ shares valued at $28,000, while Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after increasing its stake by 42.9% during the fourth quarter. Armstrong Advisory Group Inc. and Compass Wealth Management LLC recently bought new positions in shares of Genuine Parts worth about $40,000 and $35,000, respectively.
Moreover, Fred Alger Management LLC bought a new stake in Genuine Parts last October valued at approximately $42,000. Institutional investors and hedge funds presently own roughly 80.67% of GPC’s stock. Insider Randall P. Breaux also made his intentions clear, as he bought 500 of the company’s shares for $74,720 on Thursday June 1st this year.
Meanwhile, several analysts have already weighed in on GPC’s future prospects; Goldman Sachs Group upgraded shares from sell to neutral and increased their price target from $163 to $164 per share, citing valuation reasons for the change in stance. Bank of America came out with a more bullish view and gave GPC a buy rating while raising their price objective from $185 to $189 per share.
Wedbush reiterated a neutral rating for Genuine Parts but set a higher price target of $165 per share compared to their last estimate. Lastly, Truist Financial upped their target price on shares of Genuine Parts from $186 to $195 and gave them a “buy” rating.
Genuine Parts’ last quarterly earnings call showed that they had reported an EPS of $2.14 against the consensus estimate of $2.03 – posting year-over-year growth – leading analysts to forecast that it will post earnings of $9.07 a share for this fiscal year. The firm also announced a quarterly dividend, paying out $0.95 per share – representing a $3.80 annualized dividend and totaling 2.38% yield.
All in all, the relatively recent activity in GPC’s stock by both institutional investors and individual insiders highlights an air of renewed confidence in the company’s future prospects and growth potential – and its earnings report only strengthens that view further.