Genuine Parts (NYSE:GPC) Announces Quarterly Dividend of $1.00

Genuine Parts (NYSE:GPC) announced a quarterly dividend on Tuesday, August 20th, RTT News reports. Shareholders of record on Friday, September 6th will be paid a dividend of 1.00 per share by the specialty retailer on Tuesday, October 1st. This represents a $4.00 annualized dividend and a yield of 2.87%.

Genuine Parts has increased its dividend payment by an average of 6.3% annually over the last three years and has raised its dividend annually for the last 69 consecutive years. Genuine Parts has a dividend payout ratio of 39.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Genuine Parts to earn $10.27 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 38.9%.

Genuine Parts Stock Performance

Shares of NYSE GPC traded up $0.85 during trading on Tuesday, reaching $139.53. 582,737 shares of the company traded hands, compared to its average volume of 1,007,718. The firm’s fifty day simple moving average is $138.72 and its 200 day simple moving average is $146.28. The stock has a market cap of $19.44 billion, a P/E ratio of 15.46 and a beta of 0.92. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $164.45. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.44 EPS. As a group, research analysts anticipate that Genuine Parts will post 9.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

GPC has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their target price on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Truist Financial dropped their price target on Genuine Parts from $183.00 to $164.00 and set a “buy” rating for the company in a research report on Tuesday, July 23rd. Evercore ISI dropped their price target on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research report on Wednesday, July 24th. Wedbush dropped their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Finally, StockNews.com lowered Genuine Parts from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $161.14.

Genuine Parts Company Profile

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.