Genuine Parts (NYSE:GPC) Releases FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $9.80-9.90 for the period, compared to the consensus estimate of $9.78. The company issued revenue guidance of +3-5% yr/yr to ~$23.78-24.25, compared to the consensus revenue estimate of $23.84 billion. Genuine Parts also updated its FY 2024 guidance to 9.800-9.950 EPS.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Evercore ISI lowered their target price on Genuine Parts from $160.00 to $155.00 and set an in-line rating on the stock in a report on Tuesday. StockNews.com upgraded Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Wedbush restated a neutral rating and set a $170.00 target price (up from $140.00) on shares of Genuine Parts in a report on Friday. Jefferies Financial Group boosted their target price on Genuine Parts from $150.00 to $170.00 and gave the stock a hold rating in a report on Friday. Finally, Truist Financial upped their price objective on Genuine Parts from $167.00 to $183.00 and gave the company a buy rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $173.10.

Genuine Parts Trading Up 1.3 %

GPC opened at $162.39 on Friday. Genuine Parts has a one year low of $126.35 and a one year high of $174.91. The stock has a market capitalization of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The business’s 50 day moving average price is $150.30 and its 200 day moving average price is $142.34. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.63 and a current ratio of 1.14.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 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 .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.14 earnings per share. As a group, equities research analysts expect that Genuine Parts will post 9.85 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a yield of 2.46%. Genuine Parts’s payout ratio is presently 44.59%.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following the sale, the director now owns 14,397 shares of the company’s stock, valued at $2,230,383.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.37% of the stock is owned by corporate insiders.

Institutional Trading of Genuine Parts

Large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. increased its position in shares of 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 during the period. Main Street Group LTD purchased a new stake in shares of Genuine Parts during the fourth quarter worth $29,000. First Capital Advisors Group LLC. purchased a new stake in shares of Genuine Parts during the second quarter worth $31,000. Compass Wealth Management LLC purchased a new stake in shares of Genuine Parts during the fourth quarter worth $35,000. Finally, Salem Investment Counselors Inc. increased its position in shares of Genuine Parts by 42.9% during the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock worth $35,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors 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.