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

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

Several brokerages recently issued reports on GPC. Jefferies Financial Group raised their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a hold rating in a report on Friday. StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research report on Friday, April 5th. Truist Financial increased their price target on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a buy rating in a research report on Friday. Evercore ISI decreased their price target 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, April 16th. Finally, Wedbush reiterated a neutral rating and issued a $170.00 price target (up from $140.00) on shares of Genuine Parts in a research report on Friday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Genuine Parts presently has a consensus rating of Hold and a consensus target price of $173.10.

Genuine Parts Stock Up 1.3 %

Shares of GPC stock opened at $162.39 on Friday. The company has a market capitalization of $22.64 billion, a price-to-earnings ratio of 18.10 and a beta of 0.94. Genuine Parts has a one year low of $126.35 and a one year high of $174.91. The company’s fifty day moving average price is $150.30 and its 200-day moving average price is $142.35. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.63.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating the consensus estimate 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 5.46% and a return on equity of 30.92%. The company’s revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $2.14 EPS. Sell-side analysts expect that Genuine Parts will post 9.86 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend 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 of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) 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 Genuine Parts stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the sale, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.37% of the stock is currently owned by insiders.

Institutional Trading of Genuine Parts

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Salem Investment Counselors Inc. increased its holdings in Genuine Parts by 42.9% in the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after acquiring an additional 60 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in shares of Genuine Parts by 3.0% in the 1st quarter. Wetherby Asset Management Inc. now owns 2,101 shares of the specialty retailer’s stock worth $352,000 after buying an additional 61 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Genuine Parts by 2.9% in the 3rd quarter. Federated Hermes Inc. now owns 2,402 shares of the specialty retailer’s stock worth $359,000 after buying an additional 68 shares in the last quarter. 1832 Asset Management L.P. grew its stake in shares of Genuine Parts by 0.5% in the 1st quarter. 1832 Asset Management L.P. now owns 17,441 shares of the specialty retailer’s stock worth $2,918,000 after buying an additional 79 shares in the last quarter. Finally, EPG Wealth Management LLC grew its stake in shares of Genuine Parts by 1.1% in the 4th quarter. EPG Wealth Management LLC now owns 7,709 shares of the specialty retailer’s stock worth $1,338,000 after buying an additional 85 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.