Genuine Parts (NYSE:GPC) Releases Quarterly Earnings Results, Misses Estimates By $0.54 EPS

Genuine Parts (NYSE:GPC) issued its quarterly earnings data on Tuesday. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54), Briefing.com reports. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. During the same period in the previous year, the firm posted $2.49 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Genuine Parts updated its FY 2024 guidance to 8.000-8.200 EPS and its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Stock Up 0.1 %

Genuine Parts stock opened at $116.35 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. The stock’s fifty day moving average is $138.23 and its two-hundred day moving average is $142.63. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The firm has a market capitalization of $16.21 billion, a price-to-earnings ratio of 12.96 and a beta of 0.90.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s payout ratio is 44.59%.

Analyst Upgrades and Downgrades

GPC has been the topic of a number of recent research reports. Truist Financial cut their price target on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI boosted their target price on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a report on Tuesday. JPMorgan Chase & Co. dropped their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday. Wedbush reduced their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group lowered their target price on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $139.57.

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.