Genuine Parts (NYSE:GPC) Shares Gap Up Following Earnings Beat

Genuine Parts (NYSE:GPC)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $144.07, but opened at $155.88. Genuine Parts shares last traded at $158.22, with a volume of 599,456 shares trading hands.

The specialty retailer reported $2.22 EPS for the quarter, topping the consensus estimate of $2.16 by $0.06. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.14 earnings per share.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were paid a $1.00 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.50%. Genuine Parts’s payout ratio is 42.87%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GPC shares. Evercore ISI dropped their price target on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research note on Tuesday. Truist Financial reaffirmed a “buy” rating and set a $167.00 price objective on shares of Genuine Parts in a research report on Friday, April 12th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Wedbush reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Genuine Parts in a research report on Friday, February 16th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $168.33.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now directly owns 14,397 shares of the company’s stock, valued at $2,230,383.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Genuine Parts

Institutional investors and hedge funds have recently bought and sold shares of the stock. Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Genuine Parts during the third quarter worth about $25,000. OFI Invest Asset Management acquired a new position in shares of Genuine Parts during the third quarter worth about $25,000. Assetmark Inc. increased its stake in shares of Genuine Parts by 109.1% during the fourth quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 96 shares during the period. WD Rutherford LLC acquired a new position in shares of Genuine Parts during the first quarter worth about $26,000. Finally, Sunbelt Securities Inc. increased its stake in shares of Genuine Parts by 122.2% during the second quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 88 shares during the period. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Trading Up 11.2 %

The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63. The business’s 50 day moving average price is $149.92 and its 200-day moving average price is $142.22. The firm has a market capitalization of $22.34 billion, a price-to-earnings ratio of 17.17 and a beta of 0.94.

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.