Genuine Parts (NYSE:GPC) Shares Gap Up After Better-Than-Expected Earnings

Genuine Parts (NYSE:GPC)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $144.07, but opened at $155.88. Genuine Parts shares last traded at $158.22, with a volume of 599,456 shares trading hands.

The specialty retailer reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. The firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The company’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm posted $2.14 EPS.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.46%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is 42.87%.

Analyst Upgrades and Downgrades

GPC has been the topic of several research reports. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Evercore ISI lowered their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research report on Tuesday. Truist Financial raised their price objective on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday. Jefferies Financial Group raised their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday. Finally, Wedbush reissued a “neutral” rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research report on Friday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $173.10.

Insider Transactions at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.37% of the company’s stock.

Institutional Trading of Genuine Parts

Several hedge funds and other institutional investors have recently made changes to their positions in GPC. Householder Group Estate & Retirement Specialist LLC purchased a new position in Genuine Parts during the 3rd quarter valued at about $25,000. OFI Invest Asset Management acquired a new stake in shares of Genuine Parts in the third quarter worth $25,000. Assetmark Inc. increased its position in shares of Genuine Parts by 109.1% in the fourth quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 96 shares in the last quarter. WD Rutherford LLC purchased a new position in shares of Genuine Parts in the first quarter valued at $26,000. Finally, Sunbelt Securities Inc. boosted its stake in shares of Genuine Parts by 122.2% in the second quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 88 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Up 1.3 %

The firm has a market capitalization of $22.64 billion, a PE ratio of 17.41 and a beta of 0.94. The firm’s 50 day moving average price is $150.30 and its two-hundred day moving average price is $142.34. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80.

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.