O’Reilly Automotive Inc. (Nasdaq: ORLY) stock hit a 52-week low yesterday before recovering slightly by day’s end.
The Springfield-based auto parts retailer’s shares traded as low as $234.14. It ended the day at $240.18, well below a 52-week high of $292.84.
An O’Reilly Automotive spokesman could not be reached for comment by deadline on the stock drop. Industries reports indicate major stockholders recently sold thousands of O’Reilly shares.
That includes global investment management firm
Henderson Group, which sold 16,140 O’Reilly Automotive shares in the first quarter, and
New Century Investment Management Inc., which decreased its holdings by 4,400 shares, or 77 percent.
During the first quarter, O’Reilly Automotive posted an increase in net income and revenue, but comparable store sales fell short of expectations. During a February conference call with investors, O’Reilly Automotive CEO Greg Henslee said milder January temperatures resulted in softer demand in the do-it-yourself auto repair market.
ORLY shares were trading at $238.52 as of 11 a.m.
[[In-content Ad]]