Genuine Parts (NYSE:GPC) Shares Gap Up Following Earnings Beat

Genuine Parts (NYSE:GPC) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $144.07, but opened at $155.88. Genuine Parts shares last traded at $158.22, with a volume of 599,456 shares traded.

The specialty retailer reported $2.22 EPS for the quarter, topping the consensus estimate of $2.16 by $0.06. The company had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $2.14 earnings per share.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were paid a dividend of $1.00 per share. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.50%. Genuine Parts’s dividend payout ratio is currently 42.87%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GPC shares. Truist Financial reaffirmed a “buy” rating and set a $167.00 target price on shares of Genuine Parts in a research note on Friday, April 12th. Wedbush reaffirmed a “neutral” rating and set a $140.00 target price on shares of Genuine Parts in a research note on Friday, February 16th. Evercore ISI cut their target price on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research note on Tuesday. Finally, StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Genuine Parts presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.33.

Insider Activity at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the sale, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.37% of the stock is owned by company insiders.

Institutional Trading of Genuine Parts

Hedge funds have recently bought and sold shares of the stock. Comerica Bank purchased a new stake in Genuine Parts during the second quarter worth $190,000. Sunbelt Securities Inc. lifted its holdings in shares of Genuine Parts by 122.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 88 shares during the last quarter. WD Rutherford LLC purchased a new stake in shares of Genuine Parts during the 1st quarter valued at $26,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Genuine Parts during the 3rd quarter valued at $25,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Genuine Parts during the 3rd quarter valued at $25,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Performance

The firm has a fifty day moving average price of $149.92 and a 200 day moving average price of $142.22. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 1.23. The stock has a market cap of $22.34 billion, a PE ratio of 17.17 and a beta of 0.94.

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.