Genuine Parts (NYSE:GPC) Issues Quarterly Earnings Results

Genuine Parts (NYSE:GPC – Get Rating) issued its quarterly earnings results on Thursday. The specialty retailer reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.18, MarketWatch Earnings reports. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.08 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 4.76%. The company’s revenue was up 17.6% on a year-over-year basis. During the same period last year, the company earned $1.50 earnings per share. Genuine Parts updated its FY 2022 guidance to $7.700-$7.850 EPS and its FY22 guidance to $7.70-7.85 EPS.

Shares of Genuine Parts stock traded up $0.80 on Thursday, hitting $138.47. 32,421 shares of the company traded hands, compared to its average volume of 722,512. The company has a current ratio of 1.18, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The company has a market cap of $19.66 billion, a PE ratio of 22.06, a PEG ratio of 1.57 and a beta of 1.10. The stock’s 50 day moving average price is $126.85 and its 200-day moving average price is $131.00. Genuine Parts has a 52 week low of $115.63 and a 52 week high of $142.97.

The business also recently announced a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Friday, March 4th were paid a $0.895 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.82. This represents a $3.58 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Thursday, March 3rd. Genuine Parts’s dividend payout ratio is currently 57.37%.

Several research analysts have recently issued reports on GPC shares. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note on Friday, February 18th. Truist Financial assumed coverage on Genuine Parts in a research note on Thursday, January 13th. They issued a “hold” rating and a $142.00 price target for the company. Zacks Investment Research downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating and set a $141.00 price objective on the stock. in a research report on Wednesday, December 22nd. Finally, StockNews.com initiated coverage on shares of Genuine Parts in a report on Thursday, March 31st. They set a “strong-buy” rating for the company. Seven equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $136.86.

Several hedge funds have recently modified their holdings of GPC. Salem Investment Counselors Inc. grew its holdings in shares of Genuine Parts by 144.7% during the fourth quarter. Salem Investment Counselors Inc. now owns 186 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Genuine Parts by 20.1% during the 4th quarter. Penserra Capital Management LLC now owns 627 shares of the specialty retailer’s stock worth $87,000 after acquiring an additional 105 shares in the last quarter. Zullo Investment Group Inc. purchased a new position in shares of Genuine Parts in the 4th quarter valued at about $110,000. Heritage Wealth Advisors acquired a new position in Genuine Parts in the 4th quarter valued at $182,000. Finally, Belpointe Asset Management LLC lifted its holdings in Genuine Parts by 4.6% in the 4th quarter. Belpointe Asset Management LLC now owns 1,871 shares of the specialty retailer’s stock valued at $262,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 75.23% of the company’s stock.

Genuine Parts Company Profile (Get Rating)

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.

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