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

Genuine Parts (NYSE:GPC) announced its earnings results on Tuesday. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15), RTT News reports. Genuine Parts had a return on equity of 30.39% and a net margin of 5.24%. The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $6.03 billion. During the same period last year, the firm posted $2.44 EPS. The company’s revenue was up .8% compared to the same quarter last year. 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 Price Performance

Shares of NYSE:GPC traded up $2.23 on Thursday, hitting $137.97. The stock had a trading volume of 1,072,424 shares, compared to its average volume of 1,026,396. The firm’s 50 day moving average price is $140.83 and its 200-day moving average price is $146.31. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $164.45. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 15.55 and a beta of 0.92.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 7th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, June 7th. This represents a $4.00 annualized dividend and a yield of 2.90%. Genuine Parts’s dividend payout ratio is currently 44.59%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GPC shares. Truist Financial dropped their price objective on shares of Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a report on Tuesday. Jefferies Financial Group upped their price target on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday, April 19th. Evercore ISI decreased their price objective on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday. UBS Group cut their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a research note on Wednesday, July 3rd. Finally, The Goldman Sachs Group lowered their price target on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $161.14.

Insider Buying and Selling

In other Genuine Parts news, Director Wendy B. Needham sold 3,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $151.29, for a total value of $453,870.00. Following the transaction, the director now directly owns 13,006 shares in the company, valued at $1,967,677.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.37% of the stock is currently owned by corporate insiders.

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.