Mechanics Bank Trust Department Lowers stake in Genuine Parts Company (GPC)

Genuine Parts Company (GPC) : Mechanics Bank Trust Department reduced its stake in Genuine Parts Company by 1.27% during the most recent quarter end. The investment management company now holds a total of 13,250 shares of Genuine Parts Company which is valued at $1,282,335 after selling 170 shares in Genuine Parts Company , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Genuine Parts Company makes up approximately 0.49% of Mechanics Bank Trust Department’s portfolio.

Genuine Parts Company opened for trading at $98.05 and hit $98.46 on the upside on Wednesday, eventually ending the session at $98.23, with a gain of 0.01% or 0.01 points. The heightened volatility saw the trading volume jump to 5,90,166 shares. Company has a market cap of $14,687 M.

Other Hedge Funds, Including , Transamerica Financial Advisors boosted its stake in GPC in the latest quarter, The investment management firm added 6,819 additional shares and now holds a total of 51,353 shares of Genuine Parts Company which is valued at $4,969,943. Genuine Parts Company makes up approx 0.42% of Transamerica Financial Advisors’s portfolio.Carroll Financial Associates boosted its stake in GPC in the latest quarter, The investment management firm added 4,398 additional shares and now holds a total of 6,338 shares of Genuine Parts Company which is valued at $613,392. Genuine Parts Company makes up approx 0.11% of Carroll Financial Associates’s portfolio.Community Bank N.a. reduced its stake in GPC by selling 29 shares or 6.05% in the most recent quarter. The Hedge Fund company now holds 450 shares of GPC which is valued at $43,551. Genuine Parts Company makes up approx 0.01% of Community Bank N.a.’s portfolio.Firstmerit Bank N A Trustee reduced its stake in GPC by selling 761 shares or 1.27% in the most recent quarter. The Hedge Fund company now holds 59,203 shares of GPC which is valued at $5,729,666. Genuine Parts Company makes up approx 0.47% of Firstmerit Bank N A Trustee’s portfolio. Fisher Asset Management added GPC to its portfolio by purchasing 2,036 company shares during the most recent quarter which is valued at $197,044.

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.

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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