Genuine Parts (NYSE:GPC) Issues FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $9.30-9.50 for the period, compared to the consensus earnings per share estimate of $9.86. The company issued revenue guidance of +1-3% yr/yr to $23.32-23.78 billion, compared to the consensus revenue estimate of $23.74 billion. Genuine Parts also updated its FY 2024 guidance to 9.300-9.500 EPS.

Analyst Ratings Changes

A number of brokerages have commented on GPC. StockNews.com downgraded shares of Genuine Parts from a buy rating to a hold rating in a research report on Tuesday, July 16th. UBS Group cut their price target on shares of Genuine Parts from $165.00 to $150.00 and set a neutral rating for the company in a report on Wednesday, July 3rd. 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, April 19th. Jefferies Financial Group raised their price target on Genuine Parts from $150.00 to $170.00 and gave the company a hold rating in a report on Friday, April 19th. Finally, Wedbush reaffirmed a neutral rating and set a $170.00 price objective (up previously from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Genuine Parts currently has a consensus rating of Hold and a consensus target price of $167.00.

Genuine Parts Price Performance

Shares of GPC traded down $0.33 on Tuesday, reaching $138.04. The stock had a trading volume of 192,165 shares, compared to its average volume of 1,010,920. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $164.45. The firm has a market capitalization of $19.23 billion, a PE ratio of 15.43 and a beta of 0.92. The firm has a 50-day moving average of $141.59 and a 200 day moving average of $146.38. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.15). The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the company posted $2.44 EPS. Sell-side analysts expect that Genuine Parts will post 9.86 EPS for the current year.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 7th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Friday, June 7th. Genuine Parts’s payout ratio is currently 44.59%.

Insider Buying and Selling at Genuine Parts

In other news, Director Wendy B. Needham sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $151.29, for a total transaction of $453,870.00. Following the completion of the transaction, the director now directly owns 13,006 shares of the company’s stock, valued at approximately $1,967,677.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.37% 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.