Q3 2024 EPS Estimates for Genuine Parts (NYSE:GPC) Reduced by Wedbush

Genuine Parts (NYSE:GPC) – Equities research analysts at Wedbush lowered their Q3 2024 earnings per share estimates for Genuine Parts in a report released on Wednesday, July 24th. Wedbush analyst S. Basham now anticipates that the specialty retailer will earn $2.47 per share for the quarter, down from their prior estimate of $2.54. Wedbush has a “Neutral” rating and a $145.00 price target on the stock. The consensus estimate for Genuine Parts’ current full-year earnings is $9.37 per share. Wedbush also issued estimates for Genuine Parts’ Q4 2024 earnings at $2.25 EPS, FY2024 earnings at $9.39 EPS, Q2 2025 earnings at $2.60 EPS, Q3 2025 earnings at $2.68 EPS, Q4 2025 earnings at $2.45 EPS, FY2025 earnings at $10.07 EPS and FY2026 earnings at $10.81 EPS.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The company had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $6.03 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.44 EPS.

A number of other brokerages have also commented on GPC. Jefferies Financial Group lifted their price objective on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday, April 19th. Evercore ISI dropped their target price on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a research report on Wednesday. Truist Financial lowered their price target on Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a research report on Tuesday, July 23rd. UBS Group decreased their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Finally, StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $161.14.

Genuine Parts Stock Up 2.9 %

GPC opened at $141.97 on Friday. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 15.83 and a beta of 0.92. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $164.45. The business has a 50 day moving average of $140.29 and a 200-day moving average of $146.34. The company has a current ratio of 1.12, a quick ratio of 0.59 and a debt-to-equity ratio of 0.66.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GPC. Norges Bank purchased a new position in shares of Genuine Parts during the fourth quarter valued at $215,643,000. International Assets Investment Management LLC increased its position in shares of Genuine Parts by 15,175.4% in the fourth quarter. International Assets Investment Management LLC now owns 713,056 shares of the specialty retailer’s stock valued at $98,758,000 after buying an additional 708,388 shares in the last quarter. Stifel Financial Corp increased its position in shares of Genuine Parts by 27.0% in the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock valued at $281,078,000 after buying an additional 431,623 shares in the last quarter. DAVENPORT & Co LLC increased its position in shares of Genuine Parts by 3,029.9% in the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock valued at $58,999,000 after buying an additional 368,470 shares in the last quarter. Finally, Morningstar Investment Services LLC boosted its stake in shares of Genuine Parts by 161.2% in the fourth quarter. Morningstar Investment Services LLC now owns 578,555 shares of the specialty retailer’s stock worth $80,066,000 after acquiring an additional 357,091 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Genuine Parts

In related news, Director Wendy B. Needham sold 3,000 shares of Genuine Parts stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total value of $453,870.00. Following the completion of the sale, the director now directly owns 13,006 shares in the company, valued at approximately $1,967,677.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.37% of the company’s stock.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 7th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Friday, June 7th. Genuine Parts’s dividend payout ratio is currently 44.59%.

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.