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

Genuine Parts (NYSE:GPC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 9.300-9.500 for the period, compared to the consensus earnings per share estimate of 9.860. The company issued revenue guidance of $23.3 billion-$23.8 billion, compared to the consensus revenue estimate of $23.8 billion. Genuine Parts also updated its FY24 guidance to $9.30-9.50 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Genuine Parts from a hold rating to a buy rating in a research report on Wednesday. Wedbush reaffirmed a neutral rating and issued a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research report on Friday, April 19th. Truist Financial reduced their price objective on shares of Genuine Parts from $183.00 to $164.00 and set a buy rating for the company in a research report on Tuesday. UBS Group reduced their price objective on shares of Genuine Parts from $165.00 to $150.00 and set a neutral rating for the company in a research report on Wednesday, July 3rd. Finally, Evercore ISI reduced 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 report on Tuesday, July 16th. Five equities research analysts have rated the stock with a hold rating and three have issued 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 $164.29.

Genuine Parts Stock Performance

Shares of Genuine Parts stock traded down $1.26 on Wednesday, reaching $135.95. 384,620 shares of the company traded hands, compared to its average volume of 1,019,792. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $164.45. The company has a 50 day moving average of $141.22 and a 200 day moving average of $146.39. The firm has a market capitalization of $18.94 billion, a PE ratio of 15.14 and a beta of 0.92. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.59.

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

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.94%. The ex-dividend date was Friday, June 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Insider Buying and Selling

In related 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 value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.37% of the stock is owned by insiders.

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.