Genuine Parts (NYSE:GPC) Posts Quarterly Earnings Results, Misses Estimates By $0.54 EPS

Genuine Parts (NYSE:GPC) issued its quarterly earnings data on Tuesday. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54), Briefing.com reports. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. During the same quarter last year, the company earned $2.49 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Genuine Parts updated its FY 2024 guidance to 8.000-8.200 EPS and its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Price Performance

NYSE:GPC opened at $116.35 on Thursday. The stock has a 50 day moving average of $138.23 and a two-hundred day moving average of $142.63. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The firm has a market cap of $16.21 billion, a P/E ratio of 12.96 and a beta of 0.90. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Friday, September 6th. Genuine Parts’s dividend payout ratio is presently 44.59%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GPC shares. UBS Group cut their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wedbush decreased their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday. Evercore ISI upped their target price on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Truist Financial decreased their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $139.57.

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.