American International Group Inc. Cuts Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by Defense World Staff on Jun 6th, 2023

American International Group Inc. reduced its stake in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,297 shares of the company’s stock after selling 563 shares during the period. American International Group Inc.’s holdings in Advance Auto Parts were worth $2,396,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AAP. Covestor Ltd raised its stake in shares of Advance Auto Parts by 113.7% in the 1st quarter. Covestor Ltd now owns 156 shares of the company’s stock valued at $32,000 after purchasing an additional 83 shares in the last quarter. General Partner Inc. bought a new stake in Advance Auto Parts during the fourth quarter worth approximately $44,000. Silvant Capital Management LLC acquired a new position in Advance Auto Parts in the 4th quarter worth approximately $50,000. Seaport Global Advisors LLC lifted its position in Advance Auto Parts by 53.2% in the 3rd quarter. Seaport Global Advisors LLC now owns 461 shares of the company’s stock worth $72,000 after buying an additional 160 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in Advance Auto Parts by 10.9% in the 4th quarter. IFP Advisors Inc now owns 1,146 shares of the company’s stock worth $87,000 after buying an additional 113 shares in the last quarter. 96.04% of the stock is owned by institutional investors and hedge funds.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $65.59 on Tuesday. The stock has a fifty day moving average price of $117.34 and a 200-day moving average price of $134.18. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 0.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.24 and a current ratio of 1.24. Advance Auto Parts, Inc. has a fifty-two week low of $65.56 and a fifty-two week high of $212.25.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its quarterly earnings results on Wednesday, May 31st. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($1.88). Advance Auto Parts had a return on equity of 22.67% and a net margin of 3.61%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the firm posted $3.57 EPS. As a group, equities analysts anticipate that Advance Auto Parts, Inc. will post 6.5 EPS for the current fiscal year.

Advance Auto Parts Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 14th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.52%. Advance Auto Parts’s payout ratio is presently 89.15%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. DA Davidson lowered their target price 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. Evercore ISI dropped their target price on shares of Advance Auto Parts from $145.00 to $80.00 in a research note on Thursday, June 1st. Argus downgraded shares of Advance Auto Parts from a “buy” rating to a “hold” rating in a research note on Monday, March 13th. Truist Financial lowered their price objective on shares of Advance Auto Parts from $144.00 to $67.00 in a research report on Thursday, June 1st. Finally, Morgan Stanley dropped their price target on Advance Auto Parts from $130.00 to $80.00 in a research report on Thursday, June 1st. Seventeen research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $103.89.

Advance Auto Parts Company 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.