Genuine Parts (NYSE:GPC) Updates FY24 Earnings Guidance

Genuine Parts (NYSE:GPC - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $9.80-9.90 for the period, compared to the consensus earnings per share 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.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GPC. Truist Financial restated a buy rating and set a $167.00 target price on shares of Genuine Parts in a research report on Friday, April 12th. Wedbush restated a neutral rating and set a $140.00 target price on shares of Genuine Parts in a research report on Friday, February 16th. Evercore ISI decreased their target price on shares of Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a research report on Tuesday. Finally, StockNews.com upgraded shares of Genuine Parts from a hold rating to a buy rating in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $168.33.

Genuine Parts Price Performance

Shares of Genuine Parts stock traded up $16.16 during trading hours on Thursday, reaching $160.23. The stock had a trading volume of 3,914,589 shares, compared to its average volume of 1,026,787. The firm has a market capitalization of $22.34 billion, a PE ratio of 17.17 and a beta of 0.94. The stock's 50 day moving average is $149.92 and its 200 day moving average is $142.22. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.06. The business had revenue of $5.78 billion during the quarter, compared to analysts' expectations of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The company's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.14 earnings per share. Equities analysts expect that Genuine Parts will post 9.76 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Genuine Parts's previous quarterly dividend of $0.95. Genuine Parts's payout ratio is currently 42.87%.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of the business's stock in a transaction dated Wednesday, March 20th. The shares were 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 of the company's stock, valued at $2,230,383.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.37% of the company's stock.

Institutional Trading of Genuine Parts

A number of institutional investors and hedge funds have recently modified their holdings of GPC. Sanibel Captiva Trust Company Inc. purchased a new stake in Genuine Parts during the 4th quarter valued at about $1,119,000. Harbour Investments Inc. grew its stake in Genuine Parts by 28.1% during the 4th quarter. Harbour Investments Inc. now owns 1,182 shares of the specialty retailer's stock valued at $164,000 after acquiring an additional 259 shares in the last quarter. Midwest Professional Planners LTD. grew its stake in shares of Genuine Parts by 7.7% in the 4th quarter. Midwest Professional Planners LTD. now owns 9,514 shares of the specialty retailer's stock valued at $1,318,000 after buying an additional 681 shares during the period. Main Street Group LTD purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $29,000. Finally, Legal & General Group Plc grew its stake in shares of Genuine Parts by 9.1% in the 4th quarter. Legal & General Group Plc now owns 1,226,425 shares of the specialty retailer's stock valued at $169,859,000 after buying an additional 101,832 shares during the period. 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.