Genuine Parts (NYSE:GPC) Releases Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Genuine Parts (NYSE:GPC) posted its quarterly earnings results on Tuesday. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.15), RTT News reports. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The business had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.03 billion. During the same period last year, the firm earned $2.44 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. Genuine Parts updated its FY24 guidance to $9.30-9.50 EPS and its FY 2024 guidance to 9.300-9.500 EPS.

Genuine Parts Trading Up 3.1 %

GPC traded up $4.26 during trading on Friday, hitting $142.23. 489,222 shares of the stock traded hands, compared to its average volume of 1,022,639. The firm has a market capitalization of $19.82 billion, a P/E ratio of 15.87 and a beta of 0.92. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.59. The firm has a 50-day moving average of $140.51 and a 200 day moving average of $146.26. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $164.45.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Friday, June 7th. Genuine Parts’s dividend payout ratio is currently 44.59%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GPC shares. Evercore ISI lowered their price target on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a research report on Wednesday. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Wednesday. Wedbush reduced their price objective on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday. Jefferies Financial Group boosted their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday, April 19th. Finally, Truist Financial cut their price target on shares of Genuine Parts from $183.00 to $164.00 and set a “buy” rating for the company in a research note on Tuesday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $161.14.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,000 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $151.29, for a total transaction of $453,870.00. Following the completion of the sale, the director now owns 13,006 shares of the company’s stock, valued at approximately $1,967,677.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.37% of the stock is currently owned by corporate insiders.

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.