Seth Klarman's Baupost Group increased its position in Genuine Parts Company by 89% in the second quarter, ending June with 2.82 million shares worth about $332.3 million. Genuine Parts earlier this year announced plans to separate its Global Automotive and Global Industrial businesses to increase focus and shareholder value. In the second quarter, Industrial sales increased about 7% year over year, while EBITDA rose nearly 10% to $316 million, and EBITDA margin expanded 30 basis points to 13.1%. North American Automotive sales increased about 4%, with comparable sales rising 2.6%. The company has 70 consecutive years of dividend increases.
Genuine Parts CoBaupost's 89% stake increase signals confidence, and the company's strong Q2 results and dividend streak support positive outlook.
