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

Genuine Parts (NYSE:GPC) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 9.800-9.950 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Several analysts have weighed in on GPC shares. Evercore ISI dropped 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. StockNews.com upgraded Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Wedbush reissued a neutral rating and set a $170.00 price target (up previously from $140.00) on shares of Genuine Parts in a research report on Friday. Truist Financial lifted their price objective on Genuine Parts from $167.00 to $183.00 and gave the company a buy rating in a report on Friday. Finally, Jefferies Financial Group increased their target price on Genuine Parts from $150.00 to $170.00 and gave the stock a hold rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Genuine Parts has an average rating of Hold and an average target price of $173.10.

Genuine Parts Price Performance

Shares of GPC stock opened at $162.39 on Friday. The business has a fifty day simple moving average of $150.30 and a 200 day simple moving average of $142.34. The company has a market cap of $22.64 billion, a P/E ratio of 18.10 and a beta of 0.94. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91.

Genuine Parts (NYSE:GPC) last posted its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.14 earnings per share. On average, sell-side analysts forecast that Genuine Parts will post 9.85 EPS for the current fiscal year.

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. The ex-dividend date was Thursday, February 29th. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.46%. Genuine Parts’s dividend payout ratio is 44.59%.

Insider Activity at Genuine Parts

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Genuine Parts by 2.9% in the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after purchasing an additional 481,039 shares during the period. State Street Corp grew its position in shares of Genuine Parts by 2.4% in the 1st quarter. State Street Corp now owns 7,189,643 shares of the specialty retailer’s stock valued at $1,209,476,000 after buying an additional 171,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Genuine Parts by 4.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock worth $612,531,000 after acquiring an additional 185,529 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Genuine Parts by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer’s stock worth $497,089,000 after acquiring an additional 36,774 shares during the period. Finally, Imprint Wealth LLC boosted its holdings in Genuine Parts by 16,507.5% in the second quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock valued at $261,119,000 after acquiring an additional 2,595,471 shares during the last quarter. Institutional investors and hedge funds 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.