Genuine Parts Co. (GPC, Financial) (2.2%) (GPC – $167.31 – NYSE) is an Atlanta, Georgia-based distributor of automotive and industrial replacement parts. GPC continues to drive outsize growth as consumers return to the road and car owners accept double-digit price increases as they continue to see the value of vehicle repair. Despite some investor hesitancy around the industrial market, GPC has a strong competitive position in both its Industrial and Automotive segments, and should maintain share gains from the last two years of outpacing competitors through scale and operational execution. Management has shown consistent dedication to shareholder value via share repurchases and dividend increases, and has a history of driving solid returns during periods of economic volatility.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund first-quarter 2023 commentary.
