Genuine Parts (NYSE:GPC) Issues Earnings Results

Genuine Parts (NYSE:GPC) released its quarterly earnings results on Tuesday. The specialty retailer reported $2.44 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.15), RTT News reports. Genuine Parts had a net margin of 5.24% and a return on equity of 30.39%. The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.03 billion. During the same quarter in the prior year, the company earned $2.44 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Genuine Parts updated its FY24 guidance to $9.30-9.50 EPS and its FY 2024 guidance to 9.300-9.500 EPS.

Genuine Parts Stock Up 0.3 %

NYSE:GPC traded up $0.35 on Thursday, reaching $136.09. The stock had a trading volume of 10,775 shares, compared to its average volume of 1,018,920. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $164.45. The company has a 50-day moving average of $140.83 and a 200 day moving average of $146.31. The stock has a market cap of $18.96 billion, a P/E ratio of 15.13 and a beta of 0.92.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Friday, June 7th. Genuine Parts’s payout ratio is 44.59%.

Insider Activity at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,000 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $151.29, for a total transaction of $453,870.00. Following the transaction, the director now directly owns 13,006 shares in the company, valued at approximately $1,967,677.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GPC. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Wednesday. The Goldman Sachs Group decreased their target price on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wedbush cut their price target on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI lowered their price objective on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group increased their target price on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday, April 19th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $161.14.

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.