Genuine Parts (NYSE:GPC) Releases FY 2024 Earnings Guidance

Genuine Parts (NYSE:GPC) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 9.800-9.950 for the period, compared to the consensus estimate of 9.780. The company issued revenue guidance of $23.8 billion-$24.2 billion, compared to the consensus revenue estimate of $23.8 billion. Genuine Parts also updated its FY24 guidance to $9.80-9.90 EPS.

Wall Street Analyst Weigh In

Several research firms recently commented on GPC. Truist Financial reiterated a buy rating and set a $167.00 price objective on shares of Genuine Parts in a research note on Friday, April 12th. StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Wedbush reissued a neutral rating and set a $140.00 target price on shares of Genuine Parts in a research report on Friday, February 16th. Finally, Evercore ISI dropped their target price on shares of Genuine Parts from $160.00 to $155.00 and set an in-line rating on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $168.33.

Genuine Parts Stock Up 11.2 %

NYSE:GPC opened at $160.23 on Friday. The company has a market cap of $22.34 billion, a PE ratio of 17.17 and a beta of 0.94. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. The company’s 50 day moving average is $149.92 and its two-hundred day moving average is $142.22.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating the consensus estimate of $2.15 by $0.07. The business had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. Analysts anticipate that Genuine Parts will post 9.66 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a $1.00 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio is 42.87%.

Insider Activity

In related news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction 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 sale, the director now directly owns 14,397 shares of the company’s stock, valued at $2,230,383.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.37% of the company’s stock.

Institutional Trading of Genuine Parts

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

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.