Wedbush Reiterates Neutral Rating for Genuine Parts (NYSE:GPC)

Posted by Defense World Staff on Apr 25th, 2023

Wedbush reaffirmed their neutral rating on shares of Genuine Parts (NYSE:GPC – Get Rating) in a report published on Friday morning, Benzinga reports. They currently have a $165.00 price objective on the specialty retailer’s stock. Wedbush also issued estimates for Genuine Parts’ Q4 2023 earnings at $2.22 EPS, Q1 2024 earnings at $2.37 EPS, Q2 2024 earnings at $2.51 EPS, Q3 2024 earnings at $2.67 EPS, Q4 2024 earnings at $2.48 EPS and FY2024 earnings at $10.03 EPS.

A number of other research firms have also issued reports on GPC. The Goldman Sachs Group increased their target price on Genuine Parts from $147.00 to $157.00 and gave the company a sell rating in a report on Thursday, February 23rd. Truist Financial upped their price target on shares of Genuine Parts from $186.00 to $195.00 and gave the stock a buy rating in a research note on Friday. Finally, StockNews.com started coverage on shares of Genuine Parts in a research note on Thursday, March 16th. They issued a buy rating on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Genuine Parts has a consensus rating of Hold and a consensus target price of $157.00.

Genuine Parts Stock Up 0.4 %

NYSE:GPC opened at $167.20 on Friday. The firm has a market capitalization of $23.54 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 2.78 and a beta of 0.89. The stock has a 50 day moving average of $167.89 and a 200-day moving average of $171.24. Genuine Parts has a 52 week low of $125.55 and a 52 week high of $187.73. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.79.

Genuine Parts (NYSE:GPC – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The specialty retailer reported $2.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.11. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.68 billion. Genuine Parts had a return on equity of 32.53% and a net margin of 5.50%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.86 EPS. Analysts predict that Genuine Parts will post 9.05 EPS for the current year.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Friday, March 3rd were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.27%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 2nd. Genuine Parts’s payout ratio is presently 43.53%.

Insider Transactions at Genuine Parts

In related news, CEO Paul D. Donahue acquired 1,600 shares of the company’s stock in a transaction that occurred on Friday, March 24th. The stock was purchased at an average price of $156.08 per share, for a total transaction of $249,728.00. Following the transaction, the chief executive officer now directly owns 59,727 shares of the company’s stock, valued at approximately $9,322,190.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Genuine Parts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. OLD Mission Capital LLC bought a new position in Genuine Parts in the 4th quarter valued at about $28,000. WD Rutherford LLC acquired a new stake in shares of Genuine Parts during the 3rd quarter worth approximately $25,000. Dupont Capital Management Corp boosted its position in shares of Genuine Parts by 128.0% during the 3rd quarter. Dupont Capital Management Corp now owns 171 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Salem Investment Counselors Inc. boosted its position in Genuine Parts by 42.9% in the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 60 shares in the last quarter. Finally, Compass Wealth Management LLC acquired a new position in shares of Genuine Parts during the fourth quarter worth $35,000. 78.14% of the stock is owned by institutional investors and hedge funds.

About Genuine Parts

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Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group, Industrial Parts Group, and Corporate. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.