Genuine Parts (NYSE:GPC) Releases FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $9.80-9.90 for the period, compared to the consensus estimate of $9.78. The company issued revenue guidance of +3-5% yr/yr to ~$23.78-24.25, compared to the consensus revenue estimate of $23.84 billion. Genuine Parts also updated its FY 2024 guidance to 9.800-9.950 EPS.

Genuine Parts Stock Performance

Shares of GPC opened at $148.50 on Thursday. The stock has a 50 day moving average price of $149.56 and a 200 day moving average price of $142.09. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $20.70 billion, a price-to-earnings 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.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.06. The firm had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.14 earnings per share. Research analysts predict that Genuine Parts will post 9.76 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a $1.00 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Thursday, February 29th. Genuine Parts’s dividend payout ratio is presently 42.87%.

Analyst Ratings Changes

GPC has been the subject of several research analyst reports. StockNews.com raised Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Wedbush reissued a neutral rating and issued a $140.00 price objective on shares of Genuine Parts in a report on Friday, February 16th. Evercore ISI decreased their price objective on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a report on Tuesday. Finally, Truist Financial reissued a buy rating and issued a $167.00 price objective on shares of Genuine Parts in a report on Friday, April 12th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $168.33.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was 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 owns 14,397 shares in the company, valued at $2,230,383.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Genuine Parts

Several large investors have recently modified their holdings of GPC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Genuine Parts by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,056 shares of the specialty retailer’s stock worth $2,401,000 after acquiring an additional 1,180 shares in the last quarter. Cibc World Market Inc. raised its position in Genuine Parts by 14.8% in the first quarter. Cibc World Market Inc. now owns 2,740 shares of the specialty retailer’s stock worth $345,000 after acquiring an additional 354 shares in the last quarter. Sei Investments Co. raised its position in Genuine Parts by 9.4% in the first quarter. Sei Investments Co. now owns 50,928 shares of the specialty retailer’s stock worth $6,448,000 after acquiring an additional 4,372 shares in the last quarter. Aviva PLC raised its position in Genuine Parts by 63.1% in the first quarter. Aviva PLC now owns 78,951 shares of the specialty retailer’s stock worth $9,949,000 after acquiring an additional 30,545 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in Genuine Parts by 195.1% in the first quarter. Allianz Asset Management GmbH now owns 114,328 shares of the specialty retailer’s stock worth $14,408,000 after acquiring an additional 75,591 shares in the last quarter. Hedge funds and other institutional investors 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.