Sep 15, 2023
Genuine Parts Forecasted to Post Q4 2023 Earnings of $2.21 Per Share (NYSE:GPC)
Genuine Parts (NYSE:GPC - Free Report) - Stock analysts at Zacks Research decreased their Q4 2023 earnings per share (EPS) estimates for shares of Genuine Parts in a note issued to investors on
Genuine Parts (NYSE:GPC - Free Report) - Stock analysts at Zacks Research decreased their Q4 2023 earnings per share (EPS) estimates for shares of Genuine Parts in a note issued to investors on Thursday, August 3rd. Zacks Research analyst L. Shahu now forecasts that the specialty retailer will post earnings per share of $2.21 for the quarter, down from their prior forecast of $2.22. The consensus estimate for Genuine Parts' current full-year earnings is $9.24 per share. Zacks Research also issued estimates for Genuine Parts' Q1 2024 earnings at $2.28 EPS, Q2 2024 earnings at $2.47 EPS, Q4 2024 earnings at $2.51 EPS, FY2024 earnings at $9.78 EPS, Q1 2025 earnings at $2.49 EPS, Q2 2025 earnings at $2.74 EPS and FY2025 earnings at $10.71 EPS.
Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.10. The business had revenue of $5.92 billion for the quarter, compared to analysts' expectations of $5.96 billion. Genuine Parts had a return on equity of 32.43% and a net margin of 5.30%. The business's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.20 EPS.
GPC has been the subject of a number of other reports. Truist Financial decreased their price target on Genuine Parts from $195.00 to $191.00 and set a "buy" rating for the company in a research note on Friday, July 21st. StockNews.com cut Genuine Parts from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 21st. Wedbush decreased their target price on Genuine Parts from $170.00 to $160.00 and set a "neutral" rating for the company in a research report on Friday, July 21st. Evercore ISI cut their price objective on Genuine Parts from $170.00 to $165.00 in a report on Friday, July 21st. Finally, Bank of America raised Genuine Parts from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $185.00 to $189.00 in a research report on Thursday, June 1st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $177.00.
Check Out Our Latest Analysis on GPC
Shares of Genuine Parts stock traded up $1.10 on Friday, reaching $156.79. 85,796 shares of the company were exchanged, compared to its average volume of 1,035,847. Genuine Parts has a 1-year low of $145.30 and a 1-year high of $187.73. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.58 and a current ratio of 1.15. The firm has a market cap of $22.02 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 1.88 and a beta of 0.90. The company's 50-day moving average is $160.28 and its two-hundred day moving average is $165.19.
Large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Genuine Parts by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer's stock worth $2,153,442,000 after buying an additional 481,039 shares in the last quarter. State Street Corp lifted its holdings in Genuine Parts by 2.4% during the 1st quarter. State Street Corp now owns 7,189,643 shares of the specialty retailer's stock worth $1,209,476,000 after buying an additional 171,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Genuine Parts by 4.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,378,334 shares of the specialty retailer's stock worth $910,664,000 after buying an additional 205,421 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Genuine Parts by 388.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer's stock worth $119,159,000 after buying an additional 2,577,514 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Genuine Parts by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer's stock worth $497,089,000 after buying an additional 36,774 shares in the last quarter. 80.67% of the stock is currently owned by institutional investors.
In other news, insider Randall P. Breaux purchased 500 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were purchased at an average cost of $149.44 per share, for a total transaction of $74,720.00. Following the completion of the purchase, the insider now directly owns 20,523 shares of the company's stock, valued at approximately $3,066,957.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.39% of the stock is owned by insiders.
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, and individuals.
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