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

Genuine Parts (NYSE:GPC) issued its quarterly earnings results on Thursday. The specialty retailer reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07, RTT News reports. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $2.14 earnings per share. 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 GPC stock opened at $162.39 on Friday. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The firm has a market cap of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The stock has a 50 day moving average of $150.30 and a 200-day moving average of $142.34. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given 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 yield of 2.46%. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio is presently 44.59%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GPC. Jefferies Financial Group raised their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday. Truist Financial boosted their price target on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Evercore ISI dropped their price target 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. Finally, Wedbush reiterated a “neutral” rating and issued a $170.00 price target (up from $140.00) on shares of Genuine Parts in a research report on Friday. Six 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 currently has a consensus rating of “Hold” and a consensus target price of $173.10.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now directly owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Harbour Investments Inc. raised its stake in shares of Genuine Parts by 28.1% in the fourth quarter. Harbour Investments Inc. now owns 1,182 shares of the specialty retailer’s stock valued at $164,000 after purchasing an additional 259 shares in the last quarter. First Manhattan CO. LLC. grew its position in Genuine Parts by 614.3% in the first quarter. First Manhattan CO. LLC. now owns 800 shares of the specialty retailer’s stock valued at $134,000 after acquiring an additional 688 shares during the period. Fred Alger Management LLC grew its position in Genuine Parts by 139.2% in the fourth quarter. Fred Alger Management LLC now owns 665 shares of the specialty retailer’s stock valued at $115,000 after acquiring an additional 387 shares during the period. Money Concepts Capital Corp grew its position in Genuine Parts by 80.6% in the fourth quarter. Money Concepts Capital Corp now owns 437 shares of the specialty retailer’s stock valued at $76,000 after acquiring an additional 195 shares during the period. Finally, Tyler Stone Wealth Management bought a new stake in Genuine Parts in the second quarter valued at $68,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

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.