Genuine Parts (NYSE:GPC) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Genuine Parts (NYSE:GPC) posted its earnings results on Tuesday. The specialty retailer reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.05, FiscalAI reports. Genuine Parts had a net margin of 0.24% and a return on equity of 22.28%. The business had revenue of $6.54 billion for the quarter, compared to analyst estimates of $6.43 billion.

Genuine Parts Stock Down 1.9%

Shares of GPC opened at $122.41 on Tuesday. The business’s fifty day moving average price is $108.58 and its two-hundred day moving average price is $115.55. The firm has a market capitalization of $16.85 billion, a price-to-earnings ratio of 284.68 and a beta of 0.63. Genuine Parts has a 52 week low of $90.78 and a 52 week high of $151.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.48 and a current ratio of 1.09.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 5th were given a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, June 5th. Genuine Parts’s dividend payout ratio (DPR) is presently 988.37%.

Insider Buying and Selling at Genuine Parts

In other news, insider James F. Howe sold 415 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $104.33, for a total transaction of $43,296.95. Following the completion of the sale, the insider owned 25,589 shares in the company, valued at $2,669,700.37. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.13% of the stock is currently owned by insiders.

Institutional Trading of Genuine Parts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in shares of Genuine Parts by 2.9% in the 4th quarter. Pacer Advisors Inc. now owns 11,416 shares of the specialty retailer’s stock valued at $1,404,000 after purchasing an additional 321 shares during the last quarter. Compound Planning Inc. raised its stake in shares of Genuine Parts by 107.6% during the fourth quarter. Compound Planning Inc. now owns 5,254 shares of the specialty retailer’s stock worth $646,000 after buying an additional 2,723 shares during the last quarter. Invesco Ltd. lifted its holdings in Genuine Parts by 8.3% in the fourth quarter. Invesco Ltd. now owns 1,716,868 shares of the specialty retailer’s stock valued at $211,106,000 after buying an additional 131,219 shares during the period. Corient Private Wealth LLC lifted its holdings in Genuine Parts by 22.1% in the fourth quarter. Corient Private Wealth LLC now owns 36,841 shares of the specialty retailer’s stock valued at $4,530,000 after buying an additional 6,678 shares during the period. Finally, Strive Financial Group LLC bought a new position in Genuine Parts in the fourth quarter valued at approximately $25,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Truist Financial decreased their price objective on shares of Genuine Parts from $127.00 to $124.00 and set a “hold” rating on the stock in a research note on Wednesday, April 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Genuine Parts in a research report on Wednesday, June 24th. DA Davidson lifted their price objective on Genuine Parts from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Zacks Research upgraded Genuine Parts from a “strong sell” rating to a “hold” rating in a report on Monday, May 25th. Finally, UBS Group lowered their target price on Genuine Parts from $135.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.50.

About Genuine Parts

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.