Genuine Parts (NYSE:GPC) Posts Quarterly Earnings Results, Misses Estimates By $0.54 EPS

Genuine Parts (NYSE:GPC) released its earnings results on Tuesday. The specialty retailer reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.54), Briefing.com reports. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. During the same period in the previous year, the company posted $2.49 EPS. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Genuine Parts updated its FY 2024 guidance to 8.000-8.200 EPS and its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Stock Performance

GPC stock traded up $1.56 during trading hours on Wednesday, reaching $114.67. The stock had a trading volume of 758,634 shares, compared to its average volume of 986,281. The stock has a 50-day simple moving average of $138.64 and a 200 day simple moving average of $142.82. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The stock has a market capitalization of $15.97 billion, a PE ratio of 12.86 and a beta of 0.90. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were paid a $1.00 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.49%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analyst Ratings Changes

GPC has been the topic of several research reports. The Goldman Sachs Group cut their price objective on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial restated a “buy” rating and issued a $164.00 target price on shares of Genuine Parts in a research note on Wednesday, August 28th. UBS Group lowered their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday. StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Genuine Parts currently has an average rating of “Hold” and a consensus target price of $144.57.

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.