abrdn plc Buys 947 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Posted by on May 24th, 2023

abrdn plc grew its position in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 6.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,042 shares of the company’s stock after purchasing an additional 947 shares during the period. abrdn plc’s holdings in Advance Auto Parts were worth $2,359,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Balyasny Asset Management LLC grew its position in shares of Advance Auto Parts by 4,881.8% during the 3rd quarter. Balyasny Asset Management LLC now owns 477,160 shares of the company’s stock valued at $74,600,000 after purchasing an additional 467,582 shares in the last quarter. Vanguard Group Inc. increased its holdings 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 raised its position in shares of Advance Auto Parts by 202.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 390,826 shares of the company’s stock valued at $80,885,000 after buying an additional 261,608 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Advance Auto Parts by 3.6% during the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock worth $685,801,000 after acquiring an additional 114,789 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Advance Auto Parts in the third quarter worth $15,689,000. 96.04% of the stock is owned by institutional investors.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $116.78 on Wednesday. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 0.97 and a beta of 1.10. The company has a quick ratio of 0.21, a current ratio of 1.13 and a debt-to-equity ratio of 0.44. The stock’s 50-day simple moving average is $121.63 and its 200-day simple moving average is $139.44. Advance Auto Parts, Inc. has a 52 week low of $109.05 and a 52 week high of $212.25.

Advance Auto Parts (NYSE:AAP – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.41 by $0.47. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.42 billion. Advance Auto Parts had a net margin of 4.50% and a return on equity of 28.53%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.07 EPS. As a group, analysts expect that Advance Auto Parts, Inc. will post 10.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AAP shares. Raymond James dropped their price target on Advance Auto Parts from $180.00 to $160.00 and set a “strong-buy” rating for the company in a research note on Wednesday, April 19th. Citigroup reduced their price target on shares of Advance Auto Parts from $153.00 to $126.00 and set a “buy” rating on the stock in a research report on Wednesday, May 17th. Morgan Stanley lowered their price objective on Advance Auto Parts from $165.00 to $155.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 1st. Barclays upgraded shares of Advance Auto Parts from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $140.00 to $129.00 in a report on Friday, March 31st. Finally, DA Davidson dropped their price target on shares of Advance Auto Parts from $170.00 to $142.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 1st. Twelve research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $161.17.

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.

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

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