Genuine Parts (NYSE:GPC) Announces Earnings Results

Key Points

• Genuine Parts beat earnings expectations, reporting adjusted EPS of $2.15 versus analysts’ estimate of $2.10. Revenue also came in above forecasts at $6.54 billion compared with $6.43 billion expected.
• The stock was down 1.9% after the report, despite the earnings beat. Shares opened at $122.41, with the company carrying a market cap of $16.85 billion.
• Genuine Parts continued its dividend payout, recently paying a quarterly dividend of $1.0625 per share, equal to an annualized yield of about 3.5%. Analysts currently rate the stock a consensus Moderate Buy with a target price of $144.50.

Genuine Parts (NYSE:GPC - Get Free Report) released its earnings results on Tuesday. The specialty retailer reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $2.10 by $0.05, FiscalAI reports. Genuine Parts had a net margin of 0.24% and a return on equity of 22.28%. The firm had revenue of $6.54 billion during the quarter, compared to analyst estimates of $6.43 billion.

Genuine Parts Stock Down 1.9%

Shares of GPC stock opened at $122.41 on Tuesday. The stock has a market cap of $16.85 billion, a P/E ratio of 284.68 and a beta of 0.63. Genuine Parts has a one year low of $90.78 and a one year high of $151.57. The stock has a fifty day moving average price of $108.58 and a 200 day moving average price of $115.55. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.09 and a quick ratio of 0.48.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 5th were paid a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, June 5th. Genuine Parts's dividend payout ratio is presently 988.37%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Truist Financial dropped their price objective on Genuine Parts from $127.00 to $124.00 and set a "hold" rating on the stock in a research note on Wednesday, April 22nd. DA Davidson increased their target price on Genuine Parts from $145.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Zacks Research raised Genuine Parts from a "strong sell" rating to a "hold" rating in a report on Monday, May 25th. UBS Group cut their price target on Genuine Parts from $135.00 to $125.00 and set a "neutral" rating for the company in a report on Wednesday, April 22nd. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Genuine Parts in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $144.50.

Insider Transactions at Genuine Parts

In other Genuine Parts news, insider James F. Howe sold 415 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $104.33, for a total value of $43,296.95. Following the sale, the insider owned 25,589 shares of the company's stock, valued at $2,669,700.37. The trade was a 1.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.13% of the stock is owned by company insiders.

Institutional Trading of Genuine Parts

Institutional investors have recently made changes to their positions in the business. State Street Corp raised its position in Genuine Parts by 1.4% in the fourth quarter. State Street Corp now owns 7,589,908 shares of the specialty retailer's stock worth $940,940,000 after purchasing an additional 107,440 shares in the last quarter. Morgan Stanley boosted its holdings in Genuine Parts by 16.6% during the fourth quarter. Morgan Stanley now owns 2,512,478 shares of the specialty retailer's stock valued at $308,935,000 after purchasing an additional 357,979 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Genuine Parts by 2.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,294,749 shares of the specialty retailer's stock valued at $282,162,000 after purchasing an additional 57,341 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Genuine Parts by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,875,011 shares of the specialty retailer's stock valued at $230,563,000 after purchasing an additional 14,457 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Genuine Parts by 3.2% in the 3rd quarter. Bank of America Corp DE now owns 1,746,350 shares of the specialty retailer's stock valued at $242,044,000 after purchasing an additional 54,754 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Company Profile

Genuine Parts Company NYSE: GPC is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.

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