Genuine Parts (NYSE:GPC) to Issue $1.00 Quarterly Dividend

Genuine Parts (NYSE:GPC) declared a quarterly dividend on Tuesday, November 19th,RTT News reports. Stockholders of record on Friday, December 6th will be paid a dividend of 1.00 per share by the specialty retailer on Thursday, January 2nd. This represents a $4.00 annualized dividend and a dividend yield of 3.30%.

Genuine Parts has increased its dividend payment by an average of 6.3% per year over the last three years and has increased its dividend every year for the last 69 years. Genuine Parts has a dividend payout ratio of 47.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Genuine Parts to earn $8.29 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 48.3%.

Genuine Parts Trading Down 2.4 %

NYSE:GPC traded down $2.93 during trading hours on Tuesday, hitting $121.26. 1,001,512 shares of the stock were exchanged, compared to its average volume of 1,056,811. The company’s 50 day moving average is $130.54 and its two-hundred day moving average is $138.08. The company has a market capitalization of $16.86 billion, a P/E ratio of 15.68 and a beta of 0.92. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The company had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. Genuine Parts’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.49 earnings per share. On average, sell-side analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GPC shares. The Goldman Sachs Group reduced their price objective on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Evercore ISI raised their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday, October 22nd. Wedbush cut their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Truist Financial cut their price target on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Genuine Parts presently has a consensus rating of “Hold” and an average price target of $139.57.

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.