Genuine Parts (NYSE:GPC) Announces Quarterly Earnings Results

Genuine Parts (NYSE:GPC) issued its quarterly earnings data on Tuesday. The specialty retailer reported $2.15 EPS for the quarter, beating the consensus estimate of $2.10 by $0.05, FiscalAI reports. The company had revenue of $6.54 billion for the quarter, compared to analyst estimates of $6.43 billion. Genuine Parts had a return on equity of 22.28% and a net margin of 0.24%.

Genuine Parts Trading Down 1.9%

Shares of GPC stock opened at $122.41 on Tuesday. Genuine Parts has a fifty-two week low of $90.78 and a fifty-two week high of $151.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.48 and a current ratio of 1.09. The stock’s fifty day moving average is $108.58 and its two-hundred day moving average is $115.55. The firm has a market capitalization of $16.85 billion, a P/E ratio of 284.68 and a beta of 0.63.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 5th were issued a $1.0625 dividend. The ex-dividend date was Friday, June 5th. This represents a $4.25 dividend on an annualized basis and a yield of 3.5%. Genuine Parts’s dividend payout ratio (DPR) is presently 988.37%.

Insider Activity

In other news, insider James F. Howe sold 415 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $104.33, for a total transaction of $43,296.95. Following the completion of the sale, the insider owned 25,589 shares of the company’s stock, valued at $2,669,700.37. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Genuine Parts

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. raised its holdings in Genuine Parts by 709.4% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 26,655 shares of the specialty retailer’s stock valued at $3,694,000 after buying an additional 23,362 shares during the period. Inceptionr LLC acquired a new stake in shares of Genuine Parts during the fourth quarter valued at about $213,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $208,000. Ancora Advisors LLC lifted its holdings in shares of Genuine Parts by 15.5% in the 3rd quarter. Ancora Advisors LLC now owns 1,489 shares of the specialty retailer’s stock worth $206,000 after acquiring an additional 200 shares during the last quarter. Finally, Binnacle Investments Inc boosted its position in shares of Genuine Parts by 10.7% during the 3rd quarter. Binnacle Investments Inc now owns 1,153 shares of the specialty retailer’s stock worth $160,000 after purchasing an additional 111 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Genuine Parts in a research note on Wednesday, June 24th. DA Davidson upped their price objective on shares of Genuine Parts from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Truist Financial decreased their price objective on shares of Genuine Parts from $127.00 to $124.00 and set a “hold” rating on the stock in a report on Wednesday, April 22nd. Zacks Research raised shares of Genuine Parts from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Finally, UBS Group reduced their price target on shares of Genuine Parts from $135.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.50.

Genuine Parts Company Profile

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.