Genuine Parts (NYSE:GPC) Updates FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $9.80-9.90 for the period, compared to the consensus earnings per share estimate of $9.78. The company issued revenue guidance of +3-5% yr/yr to ~$23.78-24.25, compared to the consensus revenue estimate of $23.84 billion. Genuine Parts also updated its FY 2024 guidance to 9.800-9.950 EPS.

Genuine Parts Stock Performance

GPC opened at $144.07 on Thursday. The firm has a market capitalization of $20.09 billion, a PE ratio of 15.44 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 firm’s 50-day moving average price is $149.56 and its 200 day moving average price is $142.09. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.06. The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. Genuine Parts’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $2.14 earnings per share. As a group, sell-side analysts expect that Genuine Parts will post 9.76 EPS for the current fiscal year.

Genuine Parts Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GPC. Wedbush reiterated a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Truist Financial reiterated a buy rating and issued a $167.00 target price on shares of Genuine Parts in a report on Friday, April 12th. StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Finally, Evercore ISI decreased 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 report on Tuesday. Five research 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, Genuine Parts has an average rating of Moderate Buy and a consensus target price of $168.33.

Insider Transactions at Genuine Parts

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

Institutional Investors Weigh In On Genuine Parts

A number of large investors have recently modified their holdings of GPC. Imprint Wealth LLC increased its position in shares of Genuine Parts by 16,507.5% in the 2nd quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock valued at $261,119,000 after purchasing an additional 2,595,471 shares during the last quarter. Norges Bank purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $239,384,000. Capital World Investors purchased a new stake in shares of Genuine Parts in the 1st quarter valued at approximately $124,130,000. Renaissance Technologies LLC increased its position in shares of Genuine Parts by 239.0% in the 1st quarter. Renaissance Technologies LLC now owns 774,700 shares of the specialty retailer’s stock valued at $129,615,000 after purchasing an additional 546,200 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Genuine Parts by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after purchasing an additional 481,039 shares during the last quarter. 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.