Zacks Research Weighs in on Genuine Parts’ Q2 2024 Earnings (NYSE:GPC)

Genuine Parts (NYSE:GPC) – Investment analysts at Zacks Research increased their Q2 2024 earnings per share (EPS) estimates for shares of Genuine Parts in a research report issued to clients and investors on Thursday, May 2nd. Zacks Research analyst R. Department now expects that the specialty retailer will earn $2.59 per share for the quarter, up from their prior estimate of $2.57. The consensus estimate for Genuine Parts’ current full-year earnings is $9.94 per share. Zacks Research also issued estimates for Genuine Parts’ Q3 2024 earnings at $2.67 EPS, Q1 2025 earnings at $2.42 EPS, Q3 2025 earnings at $2.77 EPS and Q1 2026 earnings at $2.58 EPS.

GPC has been the subject of several other research reports. Evercore ISI reduced their price target on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research report on Tuesday, April 16th. Jefferies Financial Group upped their price target on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday, April 19th. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Truist Financial upped their price target 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, Wedbush reiterated a “neutral” rating and issued a $170.00 target price (up previously from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $173.10.

Genuine Parts Price Performance

GPC opened at $154.88 on Monday. The company’s 50-day simple moving average is $153.64 and its two-hundred day simple moving average is $143.61. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. The stock has a market capitalization of $21.57 billion, a P/E ratio of 17.27 and a beta of 0.94. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91.

Genuine Parts (NYSE:GPC) last issued 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 firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same quarter in the prior year, the firm posted $2.14 earnings per share. The business’s revenue was up .3% on a year-over-year basis.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.58%. Genuine Parts’s dividend payout ratio is currently 44.59%.

Insider Activity

In related 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 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Genuine Parts

Several large investors have recently made changes to their positions in GPC. OFI Invest Asset Management acquired a new stake in shares of Genuine Parts in the 3rd quarter valued at $25,000. Assetmark Inc. raised its holdings in Genuine Parts by 109.1% during the fourth quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 96 shares in the last quarter. WD Rutherford LLC purchased a new stake in shares of Genuine Parts during the 1st quarter worth approximately $26,000. Briaud Financial Planning Inc acquired a new position in shares of Genuine Parts in the 3rd quarter valued at $28,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Genuine Parts in the 3rd quarter valued at $28,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

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.