Genuine Parts (NYSE:GPC) Releases Earnings Results, Beats Estimates By $0.07 EPS

Genuine Parts (NYSE:GPC) announced its quarterly earnings data on Thursday. The specialty retailer reported $2.22 earnings per share for the quarter, topping 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 business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the prior year, the company earned $2.14 EPS. Genuine Parts’s revenue for the quarter was up .3% on a year-over-year basis. 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 Trading Up 1.3 %

Shares of GPC stock opened at $162.39 on Friday. The stock has a 50-day moving average of $150.30 and a 200-day moving average of $142.34. The company has a current ratio of 1.14, a quick ratio of 0.63 and a debt-to-equity ratio of 0.69. The stock has a market cap of $22.64 billion, a price-to-earnings ratio of 18.10 and a beta of 0.94. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $174.91.

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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Thursday, February 29th. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s payout ratio is 44.59%.

Insider Buying and Selling

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the sale, 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 accessible through the SEC website. 0.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Genuine Parts

A number of institutional investors have recently modified their holdings of the company. Comerica Bank bought a new position in Genuine Parts during the second quarter worth $190,000. Sunbelt Securities Inc. lifted 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 during the 2nd quarter valued at about $31,000. Compass Wealth Management LLC bought a new stake in shares of Genuine Parts during the 4th quarter valued at about $35,000. Finally, Salem Investment Counselors Inc. grew its stake in Genuine Parts by 42.9% during the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 60 shares during the period. 78.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

GPC has been the topic of a number of research analyst reports. Wedbush restated a “neutral” rating and issued a $170.00 price target (up from $140.00) on shares of Genuine Parts in a research note on Friday. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Jefferies Financial Group increased their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday. Truist Financial raised their price objective on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a report on Friday. Finally, Evercore ISI lowered their target price on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $173.10.

About Genuine Parts

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.