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.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GPC. Wedbush restated a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Truist Financial reiterated a buy rating and set a $167.00 price objective on shares of Genuine Parts in a research note on Friday, April 12th. StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Finally, Evercore ISI decreased their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a research note on Tuesday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $168.33.

Genuine Parts Price Performance

Shares of GPC stock opened at $144.07 on Thursday. The company has a market capitalization of $20.09 billion, a PE ratio of 15.44 and a beta of 0.94. The firm has a fifty day simple moving average of $149.56 and a 200-day simple moving average of $142.09. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.06. The business had revenue of $5.78 billion during 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 business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.14 earnings per share. Equities research analysts anticipate that Genuine Parts will post 9.76 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were paid a $1.00 dividend. The ex-dividend date was Thursday, February 29th. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.78%. Genuine Parts’s dividend payout ratio is 42.87%.

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of the company’s 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 completion of the transaction, the director now directly owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.37% of the company’s stock.

Institutional Trading of Genuine Parts

Institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. raised its holdings in 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 acquiring an additional 88 shares in the last quarter. Main Street Group LTD acquired a new stake in shares of Genuine Parts during the fourth quarter worth $29,000. First Capital Advisors Group LLC. acquired a new stake in shares of Genuine Parts during the second quarter worth $31,000. Compass Wealth Management LLC acquired a new stake in shares of Genuine Parts during the fourth quarter worth $35,000. Finally, Salem Investment Counselors Inc. raised its holdings 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 purchasing an additional 60 shares during the period. 78.83% of the stock is owned by institutional investors and hedge funds.

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.