Genuine Parts (NYSE:GPC) Updates FY 2024 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 9.800-9.950 for the period, compared to the consensus earnings per share estimate of 9.780. The company issued revenue guidance of $23.8 billion-$24.2 billion, compared to the consensus revenue estimate of $23.8 billion. Genuine Parts also updated its FY24 guidance to $9.80-9.90 EPS.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $144.07 on Thursday. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $149.56 and a two-hundred day moving average price of $142.09. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $174.91. The company has a market cap of $20.09 billion, a P/E ratio of 15.44 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.06. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period last year, the business posted $2.14 EPS. The business’s revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Genuine Parts will post 9.76 EPS for the current year.

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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio is 42.87%.

Wall Street Analyst Weigh In

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

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genuine Parts

Large investors have recently modified their holdings of the stock. Comerica Bank purchased a new stake in shares of Genuine Parts during the 2nd quarter worth approximately $190,000. Sunbelt Securities Inc. grew its stake in Genuine Parts by 122.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 88 shares in the last quarter. First Capital Advisors Group LLC. purchased a new position in Genuine Parts in the 2nd quarter valued at approximately $31,000. Compass Wealth Management LLC purchased a new position in Genuine Parts in the 4th quarter valued at approximately $35,000. Finally, Salem Investment Counselors Inc. grew its stake 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 in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

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.