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Genuine Parts Company (NYSE:GPC) sells automotive replacement parts (about 60% of sales) and industrial products (40% of sales) in the United States and internationally.
The company will announce its third quarter 2024 results on October 17, 2024. Wall Street analysts expect the company to report earnings per share of $2.44, down from $2.49 in the year-ago period. According to data from Benzinga Pro, quarterly revenue is expected to be $5.96 billion, up from $5.82 billion in the year-ago period.
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The 52-week range of Genuine Parts’ stock price was $126.35 to $164.45.
The dividend yield for Genuine Parts is 2.80%. Over the last 12 months, $3.99 per share was paid out as dividends.
The latest on original parts
On July 23, 2024, Genuine Parts reported its second quarter 2024 results, posting worse-than-expected quarterly results and a bleak outlook. The company reported second quarter revenue growth of 0.8% year-over-year to $5.963 billion, missing the analyst consensus estimate of $6.047 billion, Benzinga reports.
The company attributed the revenue growth to a 2.2% increase from acquisitions, partially offset by a 0.9% decline in comparable sales.
Adjusted earnings per share (EPS) of $2.44 were below the analyst consensus of $2.59.
“Our quarterly results reflect weaker than expected market conditions, resulting in subdued demand, particularly in our industrial and U.S. and European automotive businesses. Despite a challenging macroeconomic environment, our teams are performing well and remain focused on executing our long-term strategic initiatives,” said President and CEO Will Stengel.
Genuine Parts cut its fiscal 2024 revenue growth forecast to 1-3% from 3-5%. Its fiscal 2024 adjusted earnings outlook was cut to $9.30-9.50 from $9.80-9.95, versus consensus of $9.86.
Following the release of the earnings report, several Wall Street analysts lowered their price targets on the stock. This article from Benzinga decodes 5 recent analyst ratings for Genuine Parts.
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How can you earn $100 per month as an investor in genuine parts?
If you want to earn $100 per month—or $1,200 per year—in dividends from Genuine Parts stock, your investment value must be approximately $42,857, which is equivalent to about 301 shares at $142.40 each.
How to calculate the dividend yield: When estimating, you need two key variables: the desired annual income ($1,200) and the dividend yield (in this case, 2.80%). So, $1,200 / 0.028 = $42,857 to generate an income of $100 per month.
The dividend yield can be calculated by dividing the annual dividend payout by the current share price.
Dividend yield may change over time due to fluctuating share prices and rolling dividend payments.
For example, suppose a stock paying $2 in annual dividends costs $50. Its dividend yield would be $2/$50 = 4%. If the stock price rises to $60, the dividend yield falls to 3.33% ($2/$60). A fall in the stock price to $40 has the opposite effect, increasing the dividend yield to 5% ($2/$40).
In summary, income-seeking investors may consider Genuine Parts stock as an attractive way to earn a stable income of $100 per month by owning 301 shares. There could be even more upside as investors benefit from the company’s continuous dividend increases. Genuine Parts has consistently increased its dividend for the past 68 years.
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This article, “How to Invest $100 Each Month in Your Retirement Fund Using Genuine Parts Stocks,” originally appeared on Benzinga.com
