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

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Genuine Parts Stock Down 0.3 %

Shares of GPC opened at $144.07 on Thursday. The stock has a market capitalization of $20.09 billion, a PE ratio of 15.44 and a beta of 0.94. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $174.91. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 1.23. The company’s 50-day simple moving average is $149.56 and its 200-day simple moving average is $142.09.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.06. The business had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.14 earnings per share. Analysts forecast that Genuine Parts will post 9.76 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.78%. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. Genuine Parts’s dividend payout ratio is presently 42.87%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GPC shares. Evercore ISI cut 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. StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Wedbush restated a neutral rating and set a $140.00 target price on shares of Genuine Parts in a research note on Friday, February 16th. Finally, Truist Financial restated a buy rating and set a $167.00 target price on shares of Genuine Parts in a research note on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $168.33.

Insider Transactions at Genuine Parts

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

Hedge Funds Weigh In On Genuine Parts

A number of hedge funds have recently modified their holdings of GPC. Imprint Wealth LLC grew its position in shares of Genuine Parts by 16,507.5% during the second quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock worth $261,119,000 after acquiring an additional 2,595,471 shares during the last quarter. Norges Bank acquired a new stake in shares of Genuine Parts during the fourth quarter worth $239,384,000. Capital World Investors acquired a new stake in shares of Genuine Parts during the first quarter worth $124,130,000. Renaissance Technologies LLC lifted its holdings in shares of Genuine Parts by 239.0% during the first quarter. Renaissance Technologies LLC now owns 774,700 shares of the specialty retailer’s stock worth $129,615,000 after purchasing an additional 546,200 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Genuine Parts by 2.9% during the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock worth $2,153,442,000 after purchasing an additional 481,039 shares during the period. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

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.