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

Genuine Parts (NYSE:GPC - Get Free Report) released its earnings results on Tuesday. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.42 by ($0.54), Briefing.com reports. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $6 billion during the quarter, compared to analysts' expectations of $5.94 billion. During the same quarter in the previous year, the company earned $2.49 EPS. The firm's quarterly revenue was up 3.0% compared to the same quarter last year. 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

Shares of NYSE:GPC traded up $3.12 during midday trading on Wednesday, hitting $116.24. The company's stock had a trading volume of 2,767,736 shares, compared to its average volume of 996,082. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 12.96 and a beta of 0.90. The stock's 50 day simple moving average is $138.64 and its 200 day simple moving average is $142.82. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Friday, September 6th. Genuine Parts's dividend payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

GPC has been the topic of several research reports. UBS Group dropped their target price on Genuine Parts from $145.00 to $125.00 and set a "neutral" rating on the stock in a research report on Wednesday. Evercore ISI increased their price objective on Genuine Parts from $155.00 to $160.00 and gave the stock an "in-line" rating in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on shares of Genuine Parts from $162.00 to $135.00 and set an "overweight" rating for the company in a research note on Tuesday. StockNews.com lowered shares of Genuine Parts from a "buy" rating to a "hold" rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of Genuine Parts from $162.00 to $138.00 and set a "neutral" rating for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average 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.