$3.87 Billion in Sales Expected for Genuine Parts Company (GPC) This Quarter
Equities analysts expect that Genuine Parts Company (NYSE:GPC) will post $3.87 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Genuine Parts’ earnings, with estimates ranging from $3.83 billion to $3.92 billion. Genuine Parts reported sales of $3.78 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2.4%. The company is expected to issue its next earnings report on Tuesday, February 20th.
According to Zacks, analysts expect that Genuine Parts will report full year sales of $3.87 billion for the current year, with estimates ranging from $15.90 billion to $15.99 billion. For the next year, analysts forecast that the firm will report sales of $16.41 billion per share, with estimates ranging from $16.30 billion to $16.54 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Genuine Parts.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, October 19th. The specialty retailer reported $1.16 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.12). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Genuine Parts had a net margin of 4.16% and a return on equity of 20.72%. The firm’s quarterly revenue was down 72.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 EPS.
Several brokerages recently issued reports on GPC. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “sell” rating in a research note on Friday. Gabelli reissued a “buy” rating on shares of Genuine Parts in a research note on Friday. Royal Bank Of Canada reduced their price objective on Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating for the company in a research note on Friday. Jefferies Group LLC reissued a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a research note on Thursday, October 12th. Finally, BidaskClub raised Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Genuine Parts presently has an average rating of “Hold” and an average target price of $96.00.
Hedge funds have recently modified their holdings of the business. Sun Life Financial INC increased its position in Genuine Parts by 15,400.0% in the 2nd quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 1,078 shares during the last quarter. Global X Management Co. LLC increased its position in Genuine Parts by 29.3% in the 1st quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock worth $152,000 after purchasing an additional 373 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Genuine Parts by 151.1% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after purchasing an additional 1,147 shares during the last quarter. Parsec Financial Management Inc. acquired a new position in Genuine Parts in the 2nd quarter worth about $217,000. Finally, State of Alaska Department of Revenue increased its position in Genuine Parts by 9.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 2,460 shares of the specialty retailer’s stock worth $228,000 after purchasing an additional 209 shares during the last quarter. 74.41% of the stock is currently owned by institutional investors.
Genuine Parts (NYSE GPC) traded up 0.23% during mid-day trading on Monday, reaching $88.83. The company’s stock had a trading volume of 178,980 shares. The firm has a market capitalization of $13.04 billion, a price-to-earnings ratio of 19.23 and a beta of 1.10. The firm has a 50-day moving average of $91.09 and a 200 day moving average of $89.20. Genuine Parts has a 1-year low of $79.86 and a 1-year high of $100.90.
Genuine Parts declared that its Board of Directors has authorized a stock repurchase program on Monday, August 21st that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s payout ratio is currently 60.40%.
Genuine Parts Company Profile
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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