Covington Investment Advisors Lowers stake in Genuine Parts Company (GPC)

Genuine Parts Company (GPC) : Covington Investment Advisors reduced its stake in Genuine Parts Company by 0.01% during the most recent quarter end. The investment management company now holds a total of 39,355 shares of Genuine Parts Company which is valued at $3,994,533 after selling 5 shares in Genuine Parts Company , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Genuine Parts Company makes up approximately 1.73% of Covington Investment Advisors’s portfolio.

Other Hedge Funds, Including , Schmidt P J Investment Management Inc reduced its stake in GPC by selling 325 shares or 1.01% in the most recent quarter. The Hedge Fund company now holds 31,831 shares of GPC which is valued at $3,229,573. Genuine Parts Company makes up approx 1.18% of Schmidt P J Investment Management Inc’s portfolio.Buckhead Capital Management boosted its stake in GPC in the latest quarter, The investment management firm added 685 additional shares and now holds a total of 5,792 shares of Genuine Parts Company which is valued at $587,656. Genuine Parts Company makes up approx 0.10% of Buckhead Capital Management’s portfolio.Wharton Business Group reduced its stake in GPC by selling 21,150 shares or 81.69% in the most recent quarter. The Hedge Fund company now holds 4,740 shares of GPC which is valued at $483,480. Genuine Parts Company makes up approx 0.05% of Wharton Business Group’s portfolio.Oppenheimer Co Inc reduced its stake in GPC by selling 1,019 shares or 9.76% in the most recent quarter. The Hedge Fund company now holds 9,426 shares of GPC which is valued at $961,452. Genuine Parts Company makes up approx 0.03% of Oppenheimer Co Inc’s portfolio.

Genuine Parts Company opened for trading at $103.02 and hit $104.01 on the upside on Friday, eventually ending the session at $103.8, with a gain of 0.43% or 0.44 points. The heightened volatility saw the trading volume jump to 6,35,835 shares. Company has a market cap of $15,457 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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