Atria Investments Inc Cuts Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by on Apr 20th, 2023

Atria Investments Inc lowered its position in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 12.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,202 shares of the company’s stock after selling 1,170 shares during the period. Atria Investments Inc’s holdings in Advance Auto Parts were worth $1,206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of AAP. Balyasny Asset Management LLC grew its position in shares of Advance Auto Parts by 4,881.8% in the 3rd quarter. Balyasny Asset Management LLC now owns 477,160 shares of the company’s stock worth $74,600,000 after buying an additional 467,582 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Advance Auto Parts by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 7,291,395 shares of the company’s stock worth $1,139,936,000 after buying an additional 277,906 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Advance Auto Parts by 202.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 390,826 shares of the company’s stock worth $80,885,000 after buying an additional 261,608 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Advance Auto Parts by 367.4% in the 3rd quarter. Victory Capital Management Inc. now owns 190,905 shares of the company’s stock worth $29,846,000 after buying an additional 150,058 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Advance Auto Parts by 3.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock worth $685,801,000 after buying an additional 114,789 shares during the last quarter. Hedge funds and other institutional investors own 96.04% of the company’s stock.

Advance Auto Parts Stock Performance

AAP opened at $128.11 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 0.21. The firm has a fifty day moving average price of $130.15 and a 200 day moving average price of $148.39. Advance Auto Parts, Inc. has a 1 year low of $109.05 and a 1 year high of $231.43. The stock has a market cap of $7.59 billion, a P/E ratio of 15.49, a P/E/G ratio of 1.02 and a beta of 1.11.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its earnings results on Tuesday, February 28th. The company reported $2.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.47. Advance Auto Parts had a net margin of 4.50% and a return on equity of 28.53%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.42 billion. During the same period in the previous year, the business posted $2.07 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. Equities research analysts anticipate that Advance Auto Parts, Inc. will post 10.63 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Friday, April 14th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Thursday, April 13th. Advance Auto Parts’s dividend payout ratio is currently 72.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AAP. Raymond James cut their price objective on shares of Advance Auto Parts from $180.00 to $160.00 and set a “strong-buy” rating on the stock in a research report on Wednesday. DA Davidson lowered their target price on shares of Advance Auto Parts from $170.00 to $142.00 and set a “neutral” rating for the company in a research note on Wednesday, March 1st. Wells Fargo & Company lowered their target price on shares of Advance Auto Parts from $180.00 to $150.00 and set an “equal weight” rating for the company in a research note on Thursday, January 5th. Argus cut shares of Advance Auto Parts from a “buy” rating to a “hold” rating in a research note on Monday, March 13th. Finally, Wedbush upgraded shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating in a research note on Friday, January 13th. Thirteen research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $164.06.

About Advance Auto Parts

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Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Advance Auto Parts/Carquest U.S., Carquest Canada, Worldpac, and Independents. The company was founded by Arthur Taubman in 1929 and is headquartered in Raleigh, NC.

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Institutional Ownership by Quarter for Advance Auto Parts (NYSE:AAP)

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