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

Genuine Parts (NYSE:GPC) posted its earnings results on Tuesday. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54), Briefing.com reports. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. Genuine Parts’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous 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 Stock Performance

NYSE:GPC traded down $3.13 during mid-day trading on Thursday, reaching $113.11. 2,219,003 shares of the stock were exchanged, compared to its average volume of 1,002,013. The company has a 50 day simple moving average of $138.23 and a 200-day simple moving average of $142.63. The stock has a market capitalization of $15.76 billion, a P/E ratio of 12.96 and a beta of 0.90. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend 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%.

Analyst Ratings Changes

GPC has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday. StockNews.com lowered Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group reduced their price target on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday. UBS Group reduced their price target on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Evercore ISI increased their price target on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.