Genuine Parts Company (GPC) Releases Earnings Results, Misses Estimates By $0.20 EPS
Genuine Parts Company (NYSE:GPC) released its earnings results on Thursday. The specialty retailer reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.20), MarketWatch Earnings reports. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $4.10 billion. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The company’s revenue for the quarter was down 72.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.24 EPS. Genuine Parts updated its FY17 guidance to $4.55-4.60 EPS.
Genuine Parts (NYSE:GPC) traded down 8.19% during mid-day trading on Thursday, hitting $90.01. The company had a trading volume of 959,952 shares. The stock’s 50 day moving average price is $90.73 and its 200 day moving average price is $89.21. Genuine Parts has a 52-week low of $79.86 and a 52-week high of $100.90. The firm has a market cap of $13.22 billion, a P/E ratio of 19.49 and a beta of 1.10.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s payout ratio is currently 58.32%.
Genuine Parts announced that its board has authorized a share buyback plan on Monday, August 21st that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have recently issued reports on GPC. BidaskClub raised Genuine Parts from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Wedbush reissued a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a report on Monday, July 24th. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a report on Friday, July 21st. Finally, Royal Bank Of Canada boosted their target price on Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.33.
Genuine Parts Company Profile
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. The Company’s segments include Automotive, Industrial, Office Products Group, Electrical/Electronic Materials and Other.
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