SSgA Funds Management, Inc. recently announced the acquisition of new stake in Genuine Parts Co. (NYSE:GPC). The institutional investor has increased its shareholding in the Consumer Cyclical company by 2.73% to 7.55 million shares with purchase of 0.2 million shares. This fresh investment now brings its stake to 5.38% valued currently at $1.0 billion. In addition, Geode Capital Management LLC raised its holdings by 50359.0 to 3.08 million shares. And Charles Schwab Investment Managem has lifted its position by 17.07% or 0.37 million shares – to 2.52 million shares.
With over 0.43 million Genuine Parts Co. (GPC) shares trading Friday and a closing price of $138.98 on the day, the dollar volume was approximately $60.08 million. The shares have shown a negative half year performance of -14.55% and its price on 12/22/23 gained nearly 0.37%. Currently, there are 140.94M common shares owned by the public and among those 139.70M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for GPC have a consensus price objective of $155.28. The analysts have set the share’s price value over the next 12 months at a high of $192.00 and a low of $140.00. The average price target is 10.5% above its recent price level and an upside to the estimated low will see the stock gain 0.73% over that period. But an upside of 27.61% will see the stock hit the forecast high price target while median target price for the stock is $151.00.
Insiders at the company have transacted a total of 55 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 138,864 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 54,241 shares.
The top 3 mutual fund holders in Genuine Parts Co. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 4.4 million shares of the company’s stock, all valued at over $583.67 million. The company bought an additional 5281.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 14782.0 shares to see its total holdings expand to 3.39 million shares valued at over $450.12 million and representing 2.42% of the shares outstanding. Vanguard Mid Cap Index Fund bought 7502.0 shares to bring its total holdings to over 3.19 million shares at a value of $423.4 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.27% of the shares outstanding.
Shares of Genuine Parts Co. (NYSE: GPC) opened at $138.43, down -$0.04 from a prior closing price of $138.47. The company’s stock has a 5-day price change of 0.43% and -5.45% over the past three months. GPC shares are trading -19.90% year to date (YTD), with the 12-month market performance down to -21.90% lower. It has a 12-month low price of $126.35 and touched a high of $181.37 over the same period. GPC has an average intraday trading volume of 1.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.03%, 2.32%, and -9.29% respectively.
Institutional ownership of Genuine Parts Co. (NYSE: GPC) shares accounts for 81.01% of the company’s 140.94M shares outstanding. Mutual fund holders own 38.46%, while other institutional holders and individual stakeholders account for 42.86% and 3.04% respectively.
It has a market capitalization of $19.48B and a beta (3y monthly) value of 0.94. The stock’s trailing 12-month PE ratio is 15.70, while the earnings-per-share (ttm) stands at $8.85. The company has a PEG of 1.76 and a Quick Ratio of 0.58 with the debt-to-equity ratio at 1.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.53% over the week and 1.65% over the month.
Analysts forecast that Genuine Parts Co. (GPC) will achieve an EPS of $2.19 for the current quarter, $2.27 for the next quarter and $9.88 for 2024. The lowest estimate earnings-per-share for the quarter is $2.13 while analysts give the company a high EPS estimate of $2.24. Comparatively, EPS for the current quarter was $2.05 a year ago. Earnings per share for the fiscal year are expected to increase by 11.16%, and 6.50% over the next financial year. EPS should shrink at an annualized rate of 8.90% over the next five years, compared to 14.76% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate Genuine Parts Co. (GPC) as a “Moderate Buy” at a consensus score of 2.38. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 10 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GPC, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on October 12, 2023, with the firm’s price target at $160.
