Should You Sell Genuine Parts Company (GPC)?
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The S&P 500 Index rose 11.7% in Q4 and 26.3% for the year. Investors became more comfortable that the U.S. Federal Reserve was done with raising interest rates, leading to a decrease of over 70 basis points in 10-year U.S. Treasury yields. The Federal Reserve’s core Personal Consumption Expenditures (PCE) Price Index has been moderating on a year-over-year basis, easing concerns about interest rates. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Growth & Income Fund featured stocks like Genuine Parts Company (NYSE:GPC) in the Q4 2023 investor letter. Headquartered in Atlanta, Georgia, Genuine Parts Company (NYSE:GPC) is an industrial and automotive parts distributor. On March 8, 2024, Genuine Parts Company (NYSE:GPC) stock closed at $150.96 per share. One-month return of Genuine Parts Company (NYSE:GPC) was 5.43%, and its shares lost 7.38% of their value over the last 52 weeks. Genuine Parts Company (NYSE:GPC) has a market capitalization of $21.047 billion.
Carillon Eagle Growth & Income Fund stated the following regarding Genuine Parts Company (NYSE:GPC) in its fourth quarter 2023 investor letter:
"Genuine Parts Company (NYSE:GPC) reported a second consecutive quarter of slowing organic growth. We fear that competitive pressures are building for this company and, as a result, it could be losing market share. While structural tailwinds persist for this industry, management is already falling short of the 3-year operating targets it established earlier in 2023. As a result, we sold the stock and are re-investing the proceeds in a higher-conviction stock."
A line of mechanics diagnosing a recreation vehicle engine at a repair shop.
Genuine Parts Company (NYSE:GPC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Genuine Parts Company (NYSE:GPC) was held by 36 hedge fund portfolios, up from 34 in the previous quarter, according to our database.
We discussed Genuine Parts Company (NYSE:GPC) in another article and shared the list of best consumer cyclical dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
15 States for Couples Retiring on Just Social Security in the US
20 Best US Cities to Retire with $1 Million in Retirement Savings
Disclosure: None. This article is originally published at Insider Monkey.
