Genuine Parts (NYSE:GPC) to Post Q3 2024 Earnings of $2.64 Per Share, Wedbush Forecasts

Genuine Parts (NYSE:GPC) – Equities researchers at Wedbush raised their Q3 2024 EPS estimates for Genuine Parts in a research note issued to investors on Friday, April 19th. Wedbush analyst S. Basham now expects that the specialty retailer will earn $2.64 per share for the quarter, up from their previous estimate of $2.63. Wedbush has a “Neutral” rating and a $170.00 price objective on the stock. The consensus estimate for Genuine Parts’ current full-year earnings is $9.86 per share. Wedbush also issued estimates for Genuine Parts’ FY2024 earnings at $9.88 EPS, Q1 2025 earnings at $2.34 EPS, Q2 2025 earnings at $2.73 EPS, Q3 2025 earnings at $2.83 EPS, Q4 2025 earnings at $2.65 EPS and FY2026 earnings at $11.33 EPS.

GPC has been the topic of several other reports. Evercore ISI lowered 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 note on Tuesday, April 16th. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Truist Financial increased their price objective on shares of Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Jefferies Financial Group increased their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday, April 19th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $173.10.

Genuine Parts Trading Up 0.2 %

GPC stock opened at $163.36 on Monday. The company’s 50-day simple moving average is $151.08 and its 200-day simple moving average is $142.62. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91. The firm has a market cap of $22.76 billion, a P/E ratio of 18.21 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last posted its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the company posted $2.14 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis.

Institutional Investors Weigh In On Genuine Parts

Several institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Genuine Parts by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,699 shares of the specialty retailer’s stock valued at $353,436,000 after buying an additional 185,913 shares during the period. Invesco Ltd. raised its holdings in shares of Genuine Parts by 71.1% in the 3rd quarter. Invesco Ltd. now owns 2,590,036 shares of the specialty retailer’s stock valued at $373,949,000 after buying an additional 1,076,361 shares during the period. Stifel Financial Corp grew its stake in Genuine Parts by 27.0% during the 4th quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after purchasing an additional 431,623 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Genuine Parts by 23.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,633,941 shares of the specialty retailer’s stock worth $235,916,000 after purchasing an additional 313,438 shares in the last quarter. Finally, Norges Bank acquired a new position in Genuine Parts during the 4th quarter worth $215,643,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Insider Buying and Selling at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.37% of the company’s stock.

Genuine Parts Increases Dividend

The firm also recently announced 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 yield of 2.45%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s payout ratio is currently 44.59%.

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.