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

Genuine Parts (NYSE:GPC) updated its FY 2024 earnings guidance on Thursday. 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.

Analysts Set New Price Targets

Several equities analysts have commented on GPC shares. StockNews.com raised Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Truist Financial reaffirmed a buy rating and issued a $167.00 price target on shares of Genuine Parts in a report on Friday, April 12th. Evercore ISI cut their price target on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a report on Tuesday. Finally, Wedbush reissued a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $168.33.

Genuine Parts Trading Up 11.2 %

GPC stock opened at $160.23 on Friday. The business has a fifty day moving average price of $149.92 and a 200 day moving average price of $142.22. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $174.91. The stock has a market capitalization of $22.34 billion, a price-to-earnings ratio of 17.17 and a beta of 0.94. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63.

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 analysts’ consensus estimates of $2.15 by $0.07. The firm had revenue of $5.78 billion for 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 business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $2.14 EPS. Analysts expect that Genuine Parts will post 9.66 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.50%. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is presently 42.87%.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction 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 transaction, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. boosted its position in shares of Genuine Parts by 122.2% in the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 88 shares during the last quarter. Main Street Group LTD bought a new position in Genuine Parts during the fourth quarter worth about $29,000. First Capital Advisors Group LLC. bought a new position in Genuine Parts during the second quarter worth about $31,000. Compass Wealth Management LLC bought a new position in Genuine Parts during the fourth quarter worth about $35,000. Finally, Salem Investment Counselors Inc. lifted its holdings in Genuine Parts by 42.9% during 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 in the last quarter. 78.83% of the stock is currently owned by 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.