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

Genuine Parts (NYSE:GPC) posted its earnings results 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. The firm had revenue of $6 billion during the quarter, compared to the consensus estimate of $5.94 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.49 EPS. 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 Trading Down 2.7 %

Shares of GPC opened at $113.11 on Friday. The stock has a market capitalization of $15.76 billion, a PE ratio of 12.61 and a beta of 0.90. The company’s fifty day moving average is $137.72 and its 200 day moving average is $142.43. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GPC. Evercore ISI raised their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a report on Tuesday. Truist Financial dropped 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. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Wedbush dropped their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Company Profile

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.