Genuine Parts Company (GPC) Expected to Post Quarterly Sales of $4.08 Billion
Brokerages forecast that Genuine Parts Company (NYSE:GPC) will announce $4.08 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Genuine Parts’ earnings. The highest sales estimate is $4.10 billion and the lowest is $4.06 billion. Genuine Parts reported sales of $3.94 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 3.6%. The business is scheduled to issue its next earnings report on Wednesday, October 18th.
On average, analysts expect that Genuine Parts will report full-year sales of $4.08 billion for the current fiscal year, with estimates ranging from $15.90 billion to $16.02 billion. For the next financial year, analysts expect that the company will report sales of $16.46 billion per share, with estimates ranging from $16.30 billion to $16.63 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Genuine Parts.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by ($0.02). The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a return on equity of 23.42% and a net margin of 4.63%. The firm’s revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the company earned $1.28 earnings per share.
Several research analysts have commented on GPC shares. Royal Bank Of Canada restated a “hold” rating and set a $96.00 price objective on shares of Genuine Parts in a research report on Thursday, May 25th. BidaskClub upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Wedbush restated a “neutral” rating on shares of Genuine Parts in a research report on Thursday, July 6th. Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $104.00 to $89.00 in a research report on Thursday, July 6th. Finally, Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $96.00.
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Shares of Genuine Parts (NYSE:GPC) opened at 86.38 on Friday. The company’s 50-day moving average price is $83.71 and its 200-day moving average price is $89.33. Genuine Parts has a 52-week low of $79.86 and a 52-week high of $101.88. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of 18.70 and a beta of 1.06.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.13%. Genuine Parts’s payout ratio is presently 58.32%.
Genuine Parts announced that its board has authorized a share repurchase program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of GPC. BlackRock Inc. grew its stake in shares of Genuine Parts by 2,130.1% during the first quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock worth $1,334,608,000 after buying an additional 13,794,624 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Genuine Parts by 13.9% during the second quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock worth $663,318,000 after buying an additional 874,466 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Genuine Parts by 4.7% during the first quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock worth $1,425,824,000 after buying an additional 690,398 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Genuine Parts by 2,560.0% during the second quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock worth $49,397,000 after buying an additional 512,505 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Genuine Parts by 175.1% during the second quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock worth $65,085,000 after buying an additional 446,560 shares during the last quarter. 74.52% of the stock is currently owned by hedge funds and other institutional investors.
About Genuine Parts
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. The Company’s segments include Automotive, Industrial, Office Products Group, Electrical/Electronic Materials and Other.
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