California Public Employees Retirement System Decreases Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System decreased its position in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,477 shares of the company’s stock after selling 3,352 shares during the period. California Public Employees Retirement System owned approximately 0.29% of Advance Auto Parts worth $25,212,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Gamco Investors INC. ET AL raised its holdings in Advance Auto Parts by 15.7% in the third quarter. Gamco Investors INC. ET AL now owns 2,389 shares of the company’s stock worth $373,000 after purchasing an additional 325 shares in the last quarter. Distillate Capital Partners LLC grew its holdings in shares of Advance Auto Parts by 15.1% during the 3rd quarter. Distillate Capital Partners LLC now owns 33,328 shares of the company’s stock worth $5,443,000 after purchasing an additional 4,377 shares during the period. KBC Group NV boosted its holdings in Advance Auto Parts by 265.7% during the 3rd quarter. KBC Group NV now owns 27,740 shares of the company’s stock valued at $4,337,000 after acquiring an additional 20,154 shares during the period. Arizona State Retirement System boosted its holdings in Advance Auto Parts by 2.2% during the 4th quarter. Arizona State Retirement System now owns 17,016 shares of the company’s stock valued at $2,502,000 after acquiring an additional 366 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Advance Auto Parts by 170.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 46,127 shares of the company’s stock valued at $6,782,000 after purchasing an additional 29,065 shares in the last quarter. Hedge funds and other institutional investors own 96.04% of the company’s stock.

Advance Auto Parts Trading Up 0.2 %

Shares of NYSE AAP opened at $125.80 on Thursday. Advance Auto Parts, Inc. has a 1 year low of $109.05 and a 1 year high of $217.35. The stock has a market cap of $7.46 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 1.02 and a beta of 1.10. The firm has a 50-day moving average of $123.61 and a 200 day moving average of $143.82. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 0.21.

Advance Auto Parts (NYSE:AAP – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.47. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.42 billion. Advance Auto Parts had a net margin of 4.50% and a return on equity of 28.53%. Advance Auto Parts’s revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $2.07 EPS. As a group, sell-side analysts expect that Advance Auto Parts, Inc. will post 10.63 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, April 14th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Thursday, April 13th. This represents a $6.00 annualized dividend and a dividend yield of 4.77%. Advance Auto Parts’s payout ratio is 72.55%.

Analyst Ratings Changes

Several research analysts have commented on the company. Argus lowered Advance Auto Parts from a “buy” rating to a “hold” rating in a research report on Monday, March 13th. Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating in a research note on Friday, January 13th. Roth Capital reissued a “neutral” rating and set a $140.00 price target (down previously from $180.00) on shares of Advance Auto Parts in a research report on Monday, February 13th. Citigroup reduced their price target on Advance Auto Parts from $159.00 to $153.00 and set a “neutral” rating for the company in a report on Wednesday, March 1st. Finally, Raymond James dropped their price target on Advance Auto Parts from $180.00 to $160.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 19th. Thirteen research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $164.06.

Advance Auto Parts Profile

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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.