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

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 9.800-9.950 for the period, compared to the consensus EPS 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 Stock Up 1.3 %

GPC stock opened at $162.39 on Friday. The company has a 50 day moving average of $150.30 and a two-hundred day moving average of $142.34. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $174.91. The company has a market cap of $22.64 billion, a price-to-earnings ratio of 18.10 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period last year, the company earned $2.14 earnings per share. Genuine Parts’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities analysts anticipate that Genuine Parts will post 9.85 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were paid a $1.00 dividend. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.46%. Genuine Parts’s payout ratio is presently 44.59%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the firm’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 sale, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.37% of the stock is currently owned by insiders.

Institutional Trading of Genuine Parts

Several institutional investors have recently modified their holdings of the company. Salem Investment Counselors Inc. lifted its position in Genuine Parts by 42.9% in 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. Wetherby Asset Management Inc. lifted its holdings in shares of Genuine Parts by 3.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 2,101 shares of the specialty retailer’s stock worth $352,000 after acquiring an additional 61 shares during the period. Federated Hermes Inc. boosted its position in shares of Genuine Parts by 2.9% during the 3rd quarter. Federated Hermes Inc. now owns 2,402 shares of the specialty retailer’s stock valued at $359,000 after acquiring an additional 68 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Genuine Parts by 0.5% in the first quarter. 1832 Asset Management L.P. now owns 17,441 shares of the specialty retailer’s stock valued at $2,918,000 after acquiring an additional 79 shares during the period. Finally, EPG Wealth Management LLC raised its position in Genuine Parts by 1.1% in the fourth quarter. EPG Wealth Management LLC now owns 7,709 shares of the specialty retailer’s stock worth $1,338,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

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.