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

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Genuine Parts Trading Down 0.3 %

Shares of NYSE GPC opened at $144.07 on Thursday. The firm’s 50 day moving average price is $149.56 and its 200-day moving average price is $142.09. The company has a market cap of $20.09 billion, a PE ratio of 15.44 and a beta of 0.94. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 1.23.

Genuine Parts (NYSE:GPC) last issued its 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. 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 business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.14 earnings per share. On average, equities research analysts expect that Genuine Parts will post 9.76 EPS 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. This represents a $4.00 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Thursday, February 29th. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio is currently 42.87%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wedbush restated a neutral rating and set a $140.00 price objective on shares of Genuine Parts in a research report on Friday, February 16th. Truist Financial restated a buy rating and set a $167.00 price objective on shares of Genuine Parts in a research report on Friday, April 12th. 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. Finally, StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research report on Friday, April 5th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $168.33.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the sale, the director now directly 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 this link. 0.37% of the stock is owned by corporate insiders.

Institutional Trading of Genuine Parts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Genuine Parts by 2.9% during the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after buying an additional 481,039 shares during the last quarter. State Street Corp increased its stake in shares of Genuine Parts by 2.4% in the first quarter. State Street Corp now owns 7,189,643 shares of the specialty retailer’s stock worth $1,209,476,000 after purchasing an additional 171,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Genuine Parts by 4.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock worth $612,531,000 after purchasing an additional 185,529 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Genuine Parts by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer’s stock worth $497,089,000 after purchasing an additional 36,774 shares in the last quarter. Finally, Imprint Wealth LLC increased its stake in shares of Genuine Parts by 16,507.5% in the second quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock worth $261,119,000 after purchasing an additional 2,595,471 shares in the last quarter. 78.83% of the stock is owned by hedge funds and other 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.