Genuine Parts (NYSE:GPC) Releases 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, beating the consensus estimate of $2.15 by $0.07, RTT News reports. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same quarter last year, the business posted $2.14 EPS. The company’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 Stock Performance

Shares of NYSE:GPC traded up $2.16 during trading on Friday, reaching $162.39. 3,396,404 shares of the stock were exchanged, compared to its average volume of 974,383. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The firm has a market cap of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The stock has a 50-day moving average price of $150.30 and a 200-day moving average price of $142.34. The company has a current ratio of 1.14, a quick ratio of 0.63 and a debt-to-equity ratio of 0.69.

Genuine Parts Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GPC. Jefferies Financial Group lifted their target price on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research report on Friday. StockNews.com raised 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 $170.00 target price (up previously from $140.00) on shares of Genuine Parts in a research report on Friday. Evercore ISI lowered their target price on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research report on Tuesday. Finally, Truist Financial lifted their target price on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $173.10.

Insider Transactions at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the business’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 directly owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Genuine Parts

Institutional investors have recently made changes to their positions in the stock. Harbour Investments Inc. boosted its stake in shares of Genuine Parts by 28.1% in the fourth quarter. Harbour Investments Inc. now owns 1,182 shares of the specialty retailer’s stock valued at $164,000 after buying an additional 259 shares during the period. First Manhattan CO. LLC. raised its position in Genuine Parts by 614.3% during the first quarter. First Manhattan CO. LLC. now owns 800 shares of the specialty retailer’s stock valued at $134,000 after purchasing an additional 688 shares in the last quarter. Fred Alger Management LLC raised its position in Genuine Parts by 139.2% during the fourth quarter. Fred Alger Management LLC now owns 665 shares of the specialty retailer’s stock valued at $115,000 after purchasing an additional 387 shares in the last quarter. Money Concepts Capital Corp raised its position in Genuine Parts by 80.6% during the fourth quarter. Money Concepts Capital Corp now owns 437 shares of the specialty retailer’s stock valued at $76,000 after purchasing an additional 195 shares in the last quarter. Finally, Tyler Stone Wealth Management acquired a new position in Genuine Parts during the second quarter valued at approximately $68,000. 78.83% of the stock is currently owned by institutional investors.

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.