Genuine Parts (NYSE:GPC) Issues Quarterly Earnings Results

Genuine Parts (NYSE:GPC) released its quarterly earnings results on Thursday. The specialty retailer reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07, RTT News reports. The business had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. Genuine Parts’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the firm earned $2.14 EPS. Genuine Parts updated its FY 2024 guidance to 9.800-9.950 EPS and its FY24 guidance to $9.80-9.90 EPS.

Genuine Parts Stock Up 1.3 %

GPC stock opened at $162.39 on Friday. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. 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 company has a market cap of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The business’s 50-day simple moving average is $150.30 and its 200 day simple moving average is $142.34.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.46%. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio is currently 44.59%.

Insider Activity at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the firm’s 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 sale, the director now owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Salem Investment Counselors Inc. increased its holdings in Genuine Parts by 42.9% in the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 60 shares during the period. Wetherby Asset Management Inc. lifted its holdings in shares of Genuine Parts by 3.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 2,101 shares of the specialty retailer’s stock worth $352,000 after acquiring an additional 61 shares during the period. Federated Hermes Inc. boosted its position in shares of Genuine Parts by 2.9% during the 3rd quarter. Federated Hermes Inc. now owns 2,402 shares of the specialty retailer’s stock valued at $359,000 after acquiring an additional 68 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Genuine Parts by 0.5% in the first quarter. 1832 Asset Management L.P. now owns 17,441 shares of the specialty retailer’s stock valued at $2,918,000 after acquiring an additional 79 shares during the period. Finally, EPG Wealth Management LLC raised its position in Genuine Parts by 1.1% in the fourth quarter. EPG Wealth Management LLC now owns 7,709 shares of the specialty retailer’s stock worth $1,338,000 after purchasing an additional 85 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GPC has been the subject of a number of analyst reports. Jefferies Financial Group boosted their price target on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday. Evercore ISI lowered their price target on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Wedbush reiterated a “neutral” rating and issued a $170.00 target price (up from $140.00) on shares of Genuine Parts in a research note on Friday. Finally, Truist Financial boosted their target price on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $173.10.

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.