Genuine Parts (NYSE:GPC) Updates FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $9.80-9.90 for the period, compared to the consensus earnings per share estimate of $9.78. The company issued revenue guidance of +3-5% yr/yr to ~$23.78-24.25, compared to the consensus revenue estimate of $23.84 billion. Genuine Parts also updated its FY 2024 guidance to 9.800-9.950 EPS.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $148.50 on Thursday. The firm has a market capitalization of $20.70 billion, a P/E ratio of 15.44 and a beta of 0.94. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average price of $149.56 and a 200 day moving average price of $142.09. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $174.91.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating the consensus estimate of $2.16 by $0.06. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. Genuine Parts’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $2.14 EPS. Sell-side analysts expect 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. Investors of record on Friday, March 1st were given a $1.00 dividend. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is presently 42.87%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts 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 transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Genuine Parts

Several institutional investors have recently made changes to their positions in the company. Comerica Bank acquired a new stake in Genuine Parts in the 2nd quarter valued at $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 acquiring an additional 88 shares during the period. First Capital Advisors Group LLC. acquired a new stake in Genuine Parts in the 2nd quarter valued at $31,000. Compass Wealth Management LLC acquired a new stake in Genuine Parts in the 4th quarter valued at $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 acquiring an additional 60 shares during the period. 78.83% of the stock is owned by hedge funds and other institutional investors.

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.