Anchor Capital Advisors Lowers stake in Genuine Parts Company (GPC)

Genuine Parts Company (GPC) : Anchor Capital Advisors reduced its stake in Genuine Parts Company by 2.42% during the most recent quarter end. The investment management company now holds a total of 578,858 shares of Genuine Parts Company which is valued at $58,308,366 after selling 14,364 shares in Genuine Parts Company , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Genuine Parts Company makes up approximately 1.50% of Anchor Capital Advisors’s portfolio.

Other Hedge Funds, Including , Wright Investors Service Inc reduced its stake in GPC by selling 13 shares or 0.3% in the most recent quarter. The Hedge Fund company now holds 4,312 shares of GPC which is valued at $434,348. Genuine Parts Company makes up approx 0.17% of Wright Investors Service Inc’s portfolio. Herndon Capital Management added GPC to its portfolio by purchasing 14 company shares during the most recent quarter which is valued at $1,431.

Genuine Parts Company opened for trading at $99.03 and hit $101.279 on the upside on Thursday, eventually ending the session at $100.8, with a gain of 0.07% or 0.07 points. The heightened volatility saw the trading volume jump to 5,02,924 shares. Company has a market cap of $15,011 M.

On the company’s financial health, Genuine Parts Company reported $1.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 19, 2016. Analyst had a consensus of $1.29. The company had revenue of $3899.60 million for the quarter, compared to analysts expectations of $3975.85 million. The company’s revenue was down -1.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.28 EPS.

Many Wall Street Analysts have commented on Genuine Parts Company. Genuine Parts Company was Downgraded by Jefferies to ” Hold” on Jul 15, 2016. Gabelli & Co Downgraded Genuine Parts Company on Jul 14, 2016 to ” Hold”, Price Target of the shares are set at $106.

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 operates through four segments: Automotive Parts Group which distributes automotive parts and accessory items; Industrial Parts Group which distributes industrial replacement parts and related supplies; Office Products Group which is engaged in the wholesale distribution of a line of office and other business related products and Electrical/Electronic Materials Group which distributes materials to more than 20000 electrical and electronic manufacturers as well as industrial assembly and specialty wire and cable markets in North America. In 2014 the Company’s business was conducted from approximately 2600 locations throughout the United States Canada Mexico Australia and New Zealand.

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