Wedbush Analysts Raise Earnings Estimates for Genuine Parts (NYSE:GPC)

Genuine Parts (NYSE:GPC) – Equities research analysts at Wedbush boosted their Q3 2024 earnings per share (EPS) estimates for shares of Genuine Parts in a research note issued to investors on Friday, April 19th. Wedbush analyst S. Basham now anticipates that the specialty retailer will post earnings of $2.64 per share for the quarter, up from their previous forecast of $2.63. Wedbush has a “Neutral” rating and a $170.00 price objective on the stock. The consensus estimate for Genuine Parts’ current full-year earnings is $9.86 per share. Wedbush also issued estimates for Genuine Parts’ FY2024 earnings at $9.88 EPS, Q1 2025 earnings at $2.34 EPS, Q2 2025 earnings at $2.73 EPS, Q3 2025 earnings at $2.83 EPS, Q4 2025 earnings at $2.65 EPS and FY2026 earnings at $11.33 EPS.

A number of other analysts also recently commented on GPC. Evercore ISI dropped their price objective on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Jefferies Financial Group boosted their price objective on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Truist Financial boosted their price objective on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $173.10.

Genuine Parts Stock Up 0.4 %

GPC opened at $163.09 on Monday. Genuine Parts has a one year low of $126.35 and a one year high of $174.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. The stock’s fifty day moving average is $150.66 and its 200-day moving average is $142.49. The company has a market capitalization of $22.72 billion, a PE ratio of 18.18 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same quarter in the previous year, the business earned $2.14 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis.

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, February 29th. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.45%. Genuine Parts’s payout ratio is 44.59%.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the transaction, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Genuine Parts by 31.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 112,640 shares of the specialty retailer’s stock valued at $17,451,000 after buying an additional 26,950 shares in the last quarter. Crescent Sterling Ltd. purchased a new position in shares of Genuine Parts during the first quarter valued at $322,000. Confluence Wealth Services Inc. purchased a new position in Genuine Parts in the first quarter valued at about $212,000. Byrne Asset Management LLC purchased a new position in Genuine Parts in the first quarter valued at about $768,000. Finally, Kessler Investment Group LLC grew its stake in Genuine Parts by 66.3% in the first quarter. Kessler Investment Group LLC now owns 3,050 shares of the specialty retailer’s stock valued at $473,000 after purchasing an additional 1,216 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

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.