Wedbush Analysts Reduce Earnings Estimates for Genuine Parts

Genuine Parts (NYSE:GPC - Free Report) - Equities researchers at Wedbush cut their FY2024 earnings per share estimates for shares of Genuine Parts in a report issued on Wednesday, October 23rd. Wedbush analyst S. Basham now expects that the specialty retailer will earn $8.18 per share for the year, down from their prior estimate of $9.39. Wedbush has a "Neutral" rating and a $120.00 price target on the stock. The consensus estimate for Genuine Parts' current full-year earnings is $8.10 per share. Wedbush also issued estimates for Genuine Parts' Q4 2024 earnings at $1.64 EPS, Q3 2025 earnings at $1.95 EPS, Q4 2025 earnings at $1.77 EPS, FY2025 earnings at $8.34 EPS and FY2026 earnings at $8.99 EPS.

Several other analysts have also recently weighed in on the company. Evercore ISI raised their price target on Genuine Parts from $155.00 to $160.00 and gave the company an "in-line" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lowered their price target on Genuine Parts from $162.00 to $135.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. The Goldman Sachs Group lowered their price target on Genuine Parts from $162.00 to $138.00 and set a "neutral" rating on the stock in a report on Wednesday, October 23rd. Truist Financial lowered their price target on Genuine Parts from $164.00 to $129.00 and set a "buy" rating on the stock in a report on Wednesday, October 23rd. Finally, UBS Group decreased their price objective on Genuine Parts from $145.00 to $125.00 and set a "neutral" rating on the stock in a report on Wednesday, October 23rd. Six 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 stock has a consensus rating of "Hold" and an average price target of $139.57.

Genuine Parts Price Performance

Shares of NYSE:GPC traded up $4.11 on Monday, hitting $118.35. The company's stock had a trading volume of 3,932,514 shares, compared to its average volume of 1,021,574. The company has a 50-day simple moving average of $136.82 and a 200 day simple moving average of $141.88. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The company has a market capitalization of $16.49 billion, a PE ratio of 13.19 and a beta of 0.90. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.54.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The company had revenue of $6 billion for the quarter, compared to analysts' expectations of $5.94 billion. During the same period last year, the company posted $2.49 EPS. The business's revenue for the quarter was up 3.0% on a year-over-year basis.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.38%. Genuine Parts's payout ratio is 44.59%.

Hedge Funds Weigh In On Genuine Parts

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Manchester Capital Management LLC grew its position in Genuine Parts by 36.1% during the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer's stock worth $39,000 after acquiring an additional 66 shares during the last quarter. North Star Investment Management Corp. grew its position in shares of Genuine Parts by 8.5% in the 1st quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer's stock worth $138,000 after buying an additional 70 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in shares of Genuine Parts by 4.9% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer's stock worth $224,000 after buying an additional 75 shares during the last quarter. HBK Sorce Advisory LLC grew its position in shares of Genuine Parts by 1.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer's stock worth $689,000 after buying an additional 80 shares during the last quarter. Finally, Dover Advisors LLC grew its position in shares of Genuine Parts by 5.1% in the 2nd quarter. Dover Advisors LLC now owns 1,756 shares of the specialty retailer's stock worth $243,000 after buying an additional 85 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.