Armstrong Advisory Group Inc. has significantly increased its stake in Genuine Parts Company, raising its position by 63.8% during the third quarter. This move has resulted in the firm owning 362 shares of the specialty retailer, valued at approximately $51,000, following the acquisition of an additional 141 shares in the last quarter.
Hedge funds and other institutional investors collectively hold 78.83% of the company's stock, indicating confidence in the company's market position and future prospects.
Recent evaluations from various research analysts have led to a downward adjustment of Genuine Parts' price target. UBS Group has lowered its price objective from $145.00 to $125.00, maintaining a "neutral" rating on the stock. Other analysts have echoed similar sentiments, with StockNews.com downgrading the stock from a "buy" to a "hold" rating, while Truist Financial has reaffirmed a "buy" rating with a price target of $164.00. The consensus among analysts indicates a mixed sentiment towards Genuine Parts, with six analysts rating the stock as a hold and two assigning a buy rating.
Genuine Parts recently reported its quarterly earnings, revealing an EPS of $1.88, which fell short of analysts' expectations of $2.42. The company reported a revenue of $6 billion for the quarter, surpassing the consensus estimate of $5.94 billion.
The stock's performance has been relatively stable, trading at $113.90, with a market capitalization of $15.87 billion. Genuine Parts has experienced a 52-week low of $112.74 and a high of $164.45.
Several institutional investors have increased their stakes or initiated new positions in the company, reflecting a growing interest in Genuine Parts. Manchester Capital Management LLC and Triad Wealth Partners LLC have also expanded their holdings.
Genuine Parts' ability to adapt to changing consumer demands, particularly in the realm of electric and hybrid vehicles, will be essential in maintaining its competitive edge.