Genuine Parts (NYSE:GPC) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Genuine Parts (NYSE:GPC) posted its earnings results on Thursday. The specialty retailer reported $2.22 EPS for the quarter, beating the consensus estimate of $2.15 by $0.07, RTT News reports. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. During the same period last year, the firm earned $2.14 EPS. The firm’s revenue was up .3% compared to the same quarter last year. Genuine Parts updated its FY 2024 guidance to 9.800-9.950 EPS and its FY24 guidance to $9.80-9.90 EPS.

Genuine Parts Stock Up 1.3 %

Shares of NYSE:GPC traded up $2.16 on Friday, reaching $162.39. The company had a trading volume of 3,396,404 shares, compared to its average volume of 974,383. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. The stock has a 50-day moving average price of $150.30 and a 200 day moving average price of $142.34. The stock has a market capitalization of $22.64 billion, a P/E ratio of 18.10 and a beta of 0.94. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a $1.00 dividend. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.46%. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s payout ratio is currently 44.59%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GPC shares. Wedbush reiterated a “neutral” rating and set a $170.00 price target (up from $140.00) on shares of Genuine Parts in a research report on Friday. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Truist Financial lifted their target price on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI decreased their target price on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group lifted their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Genuine Parts currently has an average rating of “Hold” and a consensus price target of $173.10.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Genuine Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank bought a new stake in shares of Genuine Parts in the 2nd quarter valued at approximately $190,000. Sunbelt Securities Inc. grew its stake in shares of Genuine Parts by 122.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 88 shares during the period. First Capital Advisors Group LLC. bought a new stake in shares of Genuine Parts in the 2nd quarter valued at approximately $31,000. Compass Wealth Management LLC bought a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $35,000. Finally, Salem Investment Counselors Inc. grew its stake in shares of Genuine Parts by 42.9% in the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after purchasing an additional 60 shares during the period. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Company 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.