Genuine Parts (NYSE:GPC) Issues FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $9.80-9.90 for the period, compared to the consensus EPS 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

NYSE GPC opened at $162.39 on Friday. The firm has a market cap of $22.64 billion, a price-to-earnings ratio of 18.10 and a beta of 0.94. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. The business has a 50-day moving average price of $150.30 and a 200-day moving average price of $142.34. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the prior year, the company posted $2.14 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts predict that Genuine Parts will post 9.85 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared 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. The ex-dividend date was Thursday, February 29th. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 dividend on an annualized basis and a yield of 2.46%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analyst Upgrades and Downgrades

GPC has been the subject of a number of research reports. Evercore ISI dropped their price target on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a research note on Tuesday. Jefferies Financial Group upped their price objective on Genuine Parts from $150.00 to $170.00 and gave the company a hold rating in a research report on Friday. Wedbush restated a neutral rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research report on Friday. Truist Financial upped their price objective on Genuine Parts from $167.00 to $183.00 and gave the company a buy rating in a research report on Friday. Finally, StockNews.com upgraded Genuine Parts from a hold rating to a buy rating in a research report on Friday, April 5th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average 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 stock in a transaction that occurred 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 directly owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Genuine Parts

Several hedge funds and other institutional investors have recently modified their holdings of the business. Comerica Bank purchased a new position in Genuine Parts during the 2nd quarter worth $190,000. Sunbelt Securities Inc. increased its holdings in Genuine Parts by 122.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 88 shares during the period. First Capital Advisors Group LLC. purchased a new position in Genuine Parts during the 2nd quarter worth $31,000. Compass Wealth Management LLC purchased a new position in Genuine Parts during the 4th quarter worth $35,000. Finally, Salem Investment Counselors Inc. increased its holdings in Genuine Parts by 42.9% during the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 60 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.