Principal Financial Group Inc. Decreases Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by on May 27th, 2023

Principal Financial Group Inc. cut its holdings in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 72,410 shares of the company’s stock after selling 3,156 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Advance Auto Parts worth $10,646,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Private Advisor Group LLC acquired a new position in shares of Advance Auto Parts in the first quarter valued at about $232,000. MetLife Investment Management LLC increased its holdings in shares of Advance Auto Parts by 21.9% in the first quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock valued at $3,511,000 after purchasing an additional 3,046 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Advance Auto Parts by 5.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock valued at $1,727,000 after purchasing an additional 435 shares during the period. Cibc World Market Inc. increased its holdings in shares of Advance Auto Parts by 120.6% in the first quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock valued at $2,399,000 after purchasing an additional 6,338 shares during the period. Finally, Blair William & Co. IL increased its holdings in shares of Advance Auto Parts by 14.4% in the first quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock valued at $956,000 after purchasing an additional 582 shares during the period. 96.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AAP has been the topic of a number of research reports. Wells Fargo & Company cut their price objective on Advance Auto Parts from $150.00 to $125.00 and set an “equal weight” rating on the stock in a report on Monday, May 15th. DA Davidson dropped their target price on Advance Auto Parts from $170.00 to $142.00 and set a “neutral” rating on the stock in a report on Wednesday, March 1st. Morgan Stanley dropped their target price on Advance Auto Parts from $165.00 to $155.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. Roth Capital reaffirmed a “neutral” rating and set a $140.00 target price (down from $180.00) on shares of Advance Auto Parts in a report on Monday, February 13th. Finally, StockNews.com initiated coverage on Advance Auto Parts in a report on Thursday, May 18th. They set a “buy” rating on the stock. Twelve equities 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. According to data from MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and an average target price of $153.65.

Advance Auto Parts Stock Performance

Shares of NYSE:AAP opened at $112.15 on Friday. 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 business’s 50 day moving average price is $121.14 and its 200-day moving average price is $138.58. The firm has a market capitalization of $6.65 billion, a PE ratio of 13.56, a P/E/G ratio of 0.95 and a beta of 1.10. Advance Auto Parts, Inc. has a 1 year low of $109.05 and a 1 year high of $212.25.

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

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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