Genuine Parts (NYSE:GPC) to Post Q3 2024 Earnings of $2.64 Per Share, Wedbush Forecasts

Genuine Parts (NYSE:GPC) – Equities research analysts at Wedbush upped their Q3 2024 earnings per share (EPS) estimates for Genuine Parts in a note issued to investors on Friday, April 19th. Wedbush analyst S. Basham now anticipates that the specialty retailer will earn $2.64 per share for the quarter, up from their previous estimate of $2.63. Wedbush currently has a “Neutral” rating and a $170.00 price objective on the stock. The consensus estimate for Genuine Parts’ current full-year earnings is $9.86 per share. Wedbush also issued estimates for Genuine Parts’ FY2024 earnings at $9.88 EPS, Q1 2025 earnings at $2.34 EPS, Q2 2025 earnings at $2.73 EPS, Q3 2025 earnings at $2.83 EPS, Q4 2025 earnings at $2.65 EPS and FY2026 earnings at $11.33 EPS.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. During the same quarter in the prior year, the company earned $2.14 earnings per share. The firm’s revenue was up .3% on a year-over-year basis.

Several other equities analysts have also recently weighed in on GPC. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Evercore ISI lowered 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 research report on Tuesday, April 16th. Jefferies Financial Group lifted their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday, April 19th. Finally, Truist Financial lifted their price objective on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Six research 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 currently has a consensus rating of “Hold” and a consensus price target of $173.10.

Genuine Parts Trading Up 0.2 %

NYSE GPC opened at $163.36 on Monday. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. The stock has a market cap of $22.76 billion, a price-to-earnings ratio of 18.21 and a beta of 0.94. The firm’s 50 day moving average price is $151.08 and its two-hundred day moving average price is $142.62.

Hedge Funds Weigh In On Genuine Parts

Several hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in Genuine Parts by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,707,699 shares of the specialty retailer’s stock worth $353,436,000 after buying an additional 185,913 shares during the last quarter. Invesco Ltd. increased its position in Genuine Parts by 71.1% during the third quarter. Invesco Ltd. now owns 2,590,036 shares of the specialty retailer’s stock worth $373,949,000 after buying an additional 1,076,361 shares during the last quarter. Stifel Financial Corp increased its position in Genuine Parts by 27.0% during the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after buying an additional 431,623 shares during the last quarter. Ameriprise Financial Inc. increased its position in Genuine Parts by 23.7% during the third quarter. Ameriprise Financial Inc. now owns 1,633,941 shares of the specialty retailer’s stock worth $235,916,000 after buying an additional 313,438 shares during the last quarter. Finally, Norges Bank acquired a new position in Genuine Parts during the fourth quarter worth $215,643,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction on Wednesday, March 20th. The shares were 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 owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.37% of the stock is currently owned by corporate insiders.

Genuine Parts Increases Dividend

The business also recently declared 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 is a boost from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Thursday, February 29th. Genuine Parts’s payout ratio is currently 44.59%.

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.