Wedbush Equities Analysts Lower Earnings Estimates for Genuine Parts (NYSE:GPC)

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Genuine Parts (NYSE:GPC) – Research analysts at Wedbush cut their Q4 2020 earnings estimates for shares of Genuine Parts in a note issued to investors on Tuesday, June 30th. Wedbush analyst S. Basham now expects that the specialty retailer will post earnings per share of $1.14 for the quarter, down from their prior estimate of $1.15. Wedbush also issued estimates for Genuine Parts’ FY2021 earnings at $5.16 EPS and FY2022 earnings at $5.40 EPS.

Genuine Parts (NYSE:GPC) last issued its earnings results on Wednesday, May 6th. The specialty retailer reported $0.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.20). The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.54 billion. Genuine Parts had a return on equity of 21.54% and a net margin of 3.11%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 earnings per share.

Other equities research analysts have also recently issued research reports about the company. Stephens cut Genuine Parts from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, April 1st. Bank of America lifted their target price on Genuine Parts from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Sunday, April 19th. Cfra cut their target price on Genuine Parts from $100.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. JPMorgan Chase & Co. cut their target price on Genuine Parts from $107.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Finally, S&P Equity Research cut their target price on Genuine Parts from $85.00 to $78.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $94.67.

Shares of Genuine Parts stock opened at $87.02 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.65 and a current ratio of 1.21. Genuine Parts has a 52 week low of $49.68 and a 52 week high of $108.58. The stock has a 50 day moving average price of $83.38 and a two-hundred day moving average price of $86.40. The stock has a market capitalization of $12.55 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 14.66 and a beta of 1.09.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.63%. Genuine Parts’s payout ratio is 55.54%.

A number of institutional investors have recently bought and sold shares of GPC. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Genuine Parts by 2.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 34,423 shares of the specialty retailer’s stock worth $3,657,000 after buying an additional 925 shares during the last quarter. Blueshift Asset Management LLC acquired a new stake in Genuine Parts in the 4th quarter valued at about $1,260,000. Amundi Pioneer Asset Management Inc. raised its holdings in Genuine Parts by 5.3% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 435,220 shares of the specialty retailer’s stock valued at $46,233,000 after acquiring an additional 21,723 shares during the last quarter. Gyroscope Capital Management Group LLC raised its holdings in Genuine Parts by 17.5% in the 1st quarter. Gyroscope Capital Management Group LLC now owns 6,110 shares of the specialty retailer’s stock valued at $411,000 after acquiring an additional 911 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Genuine Parts by 13.5% in the 1st quarter. Franklin Resources Inc. now owns 72,074 shares of the specialty retailer’s stock valued at $4,853,000 after acquiring an additional 8,550 shares during the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement, industrial parts and materials, and business products in North America, Australia, New Zealand, the United Kingdom, France, Germany, Poland, and Puerto Rico. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment; and accessory items for automotive aftermarket, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.

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Earnings History and Estimates for Genuine Parts (NYSE:GPC)

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