Cullen Capital Management Lowers stake in Genuine Parts Company (GPC)

Genuine Parts Company (GPC) : Cullen Capital Management reduced its stake in Genuine Parts Company by 0.16% during the most recent quarter end. The investment management company now holds a total of 805,540 shares of Genuine Parts Company which is valued at $77.4 Million after selling 1,300 shares in Genuine Parts Company , the firm said in a disclosure report filed with the SEC on May 12, 2016.Genuine Parts Company makes up approximately 2.73% of Cullen Capital Management’s portfolio.

Other Hedge Funds, Including , Willis Investment Counsel reduced its stake in GPC by selling 21,300 shares or 11.51% in the most recent quarter. The Hedge Fund company now holds 163,800 shares of GPC which is valued at $15.7 Million. Genuine Parts Company makes up approx 1.38% of Willis Investment Counsel’s portfolio.Shell Asset Management Co reduced its stake in GPC by selling 2,687 shares or 7.26% in the most recent quarter. The Hedge Fund company now holds 34,302 shares of GPC which is valued at $3.3 Million. Genuine Parts Company makes up approx 0.08% of Shell Asset Management Co’s portfolio.Genesee Valley Trust Co reduced its stake in GPC by selling 80 shares or 2.85% in the most recent quarter. The Hedge Fund company now holds 2,730 shares of GPC which is valued at $262,271. Genuine Parts Company makes up approx 0.19% of Genesee Valley Trust Co’s portfolio.American Century Companies Inc boosted its stake in GPC in the latest quarter, The investment management firm added 1,899,641 additional shares and now holds a total of 2,350,813 shares of Genuine Parts Company which is valued at $228 Million. Genuine Parts Company makes up approx 0.27% of American Century Companies Inc’s portfolio.Schmidt P J Investment Management Inc reduced its stake in GPC by selling 931 shares or 2.81% in the most recent quarter. The Hedge Fund company now holds 32,156 shares of GPC which is valued at $3.1 Million. Genuine Parts Company makes up approx 1.21% of Schmidt P J Investment Management Inc’s portfolio.

Genuine Parts Company opened for trading at $93.99 and hit $94.94 on the upside on Friday, eventually ending the session at $94.14, with a gain of 0.71% or 0.66 points. The heightened volatility saw the trading volume jump to 6,96,883 shares. Company has a market cap of $14,086 M.

On the company’s financial health, Genuine Parts Company reported $1.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 19, 2016. Analyst had a consensus of $1.03. The company had revenue of $3718.30 million for the quarter, compared to analysts expectations of $3719.75 million. The company’s revenue was down -.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.05 EPS.

Investors should note that on Apr 25, 2016, Genuine Parts Company announced a cash dividend of $0.6575. The company’s management has announced Jun 1, 2016 as the ex-dividend date and fixed the record date on Jun 3, 2016. The payable date has been fixed on Jul 1, 2016.

Many Wall Street Analysts have commented on Genuine Parts Company. Company shares were Reiterated by RBC Capital Mkts on Apr 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 93 from a previous price target of $90 .Genuine Parts Company was Downgraded by Sterne Agee CRT to ” Neutral” on Apr 4, 2016. Shares were Reiterated by RBC Capital Mkts on Feb 17, 2016 to “Sector Perform” and Lowered the Price Target to $ 90 from a previous price target of $92 .

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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