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

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

A number of equities analysts have recently issued reports on the company. Wedbush reissued a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Evercore ISI dropped their target price on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a report on Tuesday. StockNews.com raised Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Finally, Truist Financial reaffirmed a buy rating and set a $167.00 price target on shares of Genuine Parts in a report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $168.33.

Genuine Parts Stock Down 0.3 %

NYSE:GPC opened at $144.07 on Thursday. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $174.91. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $20.09 billion, a P/E ratio of 15.44 and a beta of 0.94. The stock’s fifty day simple moving average is $149.56 and its 200-day simple moving average is $142.09.

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, topping the consensus estimate of $2.16 by $0.06. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period last year, the company earned $2.14 EPS. The firm’s revenue was up .3% on a year-over-year basis. Equities research analysts expect that Genuine Parts will post 9.76 earnings per share for the current 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 given a $1.00 dividend. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is currently 42.87%.

Insider Transactions at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the transaction, the director now directly owns 14,397 shares in the company, valued at $2,230,383.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Comerica Bank bought a new position in Genuine Parts during the second quarter worth about $190,000. Sunbelt Securities Inc. lifted its holdings in Genuine Parts by 122.2% during the second quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 88 shares in the last quarter. First Capital Advisors Group LLC. bought a new stake in shares of Genuine Parts in the second quarter valued at about $31,000. Compass Wealth Management LLC bought a new stake in shares of Genuine Parts in the fourth quarter valued at about $35,000. Finally, Salem Investment Counselors Inc. lifted its holdings in shares of Genuine Parts by 42.9% in the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after purchasing an additional 60 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.