ATLANTA—Wendy B. Needham, a director at Genuine Parts Co . (NYSE:GPC), has sold 1,608 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold at a price of $120.78 each, totaling $194,214. The transaction occurs as the stock trades near its 52-week low of $112.74, with InvestingPro analysis indicating the stock is currently undervalued.
Following this transaction, Needham retains ownership of 11,357 shares in the company. Genuine Parts Co., based in Atlanta, operates in the wholesale distribution of motor vehicle supplies and new parts. The company has maintained dividend payments for 54 consecutive years and currently offers a 3.3% yield. InvestingPro data reveals strong financial health metrics and additional insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Genuine Parts has been the focus of analyst attention following its third-quarter results and revised outlook. The company's adjusted earnings per share (EPS) of $1.88 fell short of the estimated $2.43, impacted by weaker demand in both the Automotive and Motion segments. Total (EPA:TTEF) sales, however, saw a 2.5% year-over-year increase, reaching approximately $6 billion due to strategic acquisitions in the U.S. automotive sector and an extra selling day.
BofA Securities and UBS have both revised their price targets for Genuine Parts, lowering them to $125 due to anticipated macroeconomic challenges and a challenging environment. Both firms have maintained a Neutral rating on the stock. Genuine Parts' management has also adjusted its EPS guidance for 2024 downward to a range of $8.00 to $8.20.
The company faced a significant negative impact from slower sales in its European automotive and Industrial businesses, as well as disruptions from hurricanes and cybersecurity. Despite these challenges, Genuine Parts remains committed to investing in technology and operational efficiency, with the expectation of long-term benefits from its restructuring initiatives. These are among the recent developments that investors are closely monitoring.
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