Genuine Parts (NYSE:GPC) Announces Quarterly Earnings Results

Genuine Parts (NYSE:GPC) released its quarterly earnings results on Thursday. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07, RTT News reports. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period in the previous year, the company earned $2.14 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. 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 Trading Up 1.3 %

NYSE GPC opened at $162.39 on Friday. The company has a market capitalization of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The company has a fifty day moving average of $150.30 and a 200 day moving average of $142.35. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $174.91. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.63.

Genuine Parts Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Wedbush reissued a “neutral” rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a report on Friday. Evercore ISI dropped their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Finally, Truist Financial boosted their price objective on shares of Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a 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 MarketBeat, Genuine Parts has a consensus rating of “Hold” and a consensus target price of $173.10.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sunbelt Securities Inc. raised its position in shares of Genuine Parts by 122.2% in the second quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 88 shares during the period. Main Street Group LTD acquired a new position in shares of Genuine Parts in the fourth quarter worth about $29,000. First Capital Advisors Group LLC. acquired a new position in shares of Genuine Parts in the second quarter worth about $31,000. Compass Wealth Management LLC acquired a new position in shares of Genuine Parts in the fourth quarter worth about $35,000. Finally, Salem Investment Counselors Inc. raised its position in shares of Genuine Parts by 42.9% in the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock worth $35,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

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.