Genuine Parts (NYSE:GPC) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Key Points

• Genuine Parts Company reported $1.98 earnings per share for the quarter, missing analysts' consensus estimates by $0.04.
• The company announced a quarterly dividend of $1.03 per share, resulting in an annualized yield of 3.1%.
• Analysts have set new price targets for Genuine Parts, with recent upgrades ranging from $145.00 to $160.00 reflecting a mix of "buy" and "hold" ratings.

Genuine Parts (NYSE:GPC - Get Free Report) announced its quarterly earnings results on Tuesday. The specialty retailer reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.04), Zacks reports. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%.

Genuine Parts Price Performance

GPC opened at $131.71 on Tuesday. The stock has a 50-day moving average price of $137.50 and a 200-day moving average price of $128.00. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $144.21. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $18.32 billion, a P/E ratio of 22.67 and a beta of 0.77.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Friday, September 5th were given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, September 5th. Genuine Parts's payout ratio is presently 70.91%.

Analysts Set New Price Targets

GPC has been the subject of several recent research reports. Loop Capital lifted their price target on Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. lifted their price target on Genuine Parts from $134.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. UBS Group lifted their price target on Genuine Parts from $135.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, October 10th. Truist Financial lifted their price objective on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Genuine Parts in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Genuine Parts currently has a consensus rating of "Hold" and a consensus price target of $138.86.

Insider Activity

In other news, EVP Naveen Krishna sold 5,303 shares of the company's stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $138.12, for a total value of $732,450.36. Following the completion of the transaction, the executive vice president directly owned 26,112 shares in the company, valued at approximately $3,606,589.44. This represents a 16.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.42% of the company's stock.

Hedge Funds Weigh In On Genuine Parts

A number of hedge funds and other institutional investors have recently modified their holdings of GPC. EverSource Wealth Advisors LLC boosted its holdings in shares of Genuine Parts by 15.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,005 shares of the specialty retailer's stock worth $122,000 after purchasing an additional 137 shares in the last quarter. State of Wyoming boosted its holdings in shares of Genuine Parts by 33.4% in the 2nd quarter. State of Wyoming now owns 1,206 shares of the specialty retailer's stock worth $146,000 after purchasing an additional 302 shares in the last quarter. Financial Advisors Network Inc. boosted its holdings in shares of Genuine Parts by 12.0% in the 2nd quarter. Financial Advisors Network Inc. now owns 2,143 shares of the specialty retailer's stock worth $260,000 after purchasing an additional 230 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Genuine Parts in the 2nd quarter worth about $298,000. Finally, Glenview Trust co boosted its holdings in shares of Genuine Parts by 13.9% in the 2nd quarter. Glenview Trust co now owns 2,696 shares of the specialty retailer's stock worth $327,000 after purchasing an additional 328 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

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.

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