Genuine Parts (NYSE:GPC) Releases Quarterly Earnings Results

Genuine Parts (NYSE:GPC) announced its earnings results on Thursday. The specialty retailer reported $2.22 earnings per share (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 business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the previous year, the business earned $2.14 earnings per share. The company’s revenue for the quarter 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 opened at $162.39 on Friday. The company has a 50 day simple moving average of $150.30 and a 200-day simple moving average of $142.34. The company 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 debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.63. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $174.91.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.46%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Insider Transactions at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now owns 14,397 shares in the company, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.37% of the company’s stock.

Institutional Trading of Genuine Parts

Institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank acquired a new stake in Genuine Parts in the 2nd quarter valued at approximately $190,000. Sunbelt Securities Inc. boosted its position in 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 buying an additional 88 shares during the period. First Capital Advisors Group LLC. purchased a new position in Genuine Parts in the 2nd quarter valued at approximately $31,000. Compass Wealth Management LLC purchased a new position in Genuine Parts in the 4th quarter valued at approximately $35,000. Finally, Salem Investment Counselors Inc. boosted its position in 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 buying an additional 60 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on GPC shares. Wedbush reiterated a “neutral” rating and issued a $170.00 price target (up previously from $140.00) on shares of Genuine Parts in a report on Friday. Jefferies Financial Group boosted their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a 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 boosted their price target 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.