Van ECK Associates Corp lessened its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP – Free Report) by 13.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,322 shares of the company’s stock after selling 363 shares during the period. Van ECK Associates Corp’s holdings in Advance Auto Parts were worth $282,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of AAP. Vanguard Group Inc. lifted its position in Advance Auto Parts by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock valued at $1,442,611,000 after acquiring an additional 261,715 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Advance Auto Parts by 3.6% during the first quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock valued at $685,801,000 after purchasing an additional 114,789 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Advance Auto Parts by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,276,656 shares of the company’s stock worth $187,381,000 after purchasing an additional 4,859 shares in the last quarter. Invesco Ltd. grew its stake in shares of Advance Auto Parts by 10.8% in the 1st quarter. Invesco Ltd. now owns 1,018,797 shares of the company’s stock worth $210,850,000 after buying an additional 99,400 shares during the last quarter. Finally, Morgan Stanley increased its position in Advance Auto Parts by 6.7% during the 4th quarter. Morgan Stanley now owns 894,618 shares of the company’s stock valued at $131,536,000 after buying an additional 55,985 shares in the last quarter. Institutional investors own 91.32% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have commented on AAP. JPMorgan Chase & Co. downgraded Advance Auto Parts from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $165.00 to $84.00 in a report on Thursday, June 1st. UBS Group decreased their target price on shares of Advance Auto Parts from $132.00 to $75.00 in a report on Thursday, June 1st. Truist Financial reduced their price target on shares of Advance Auto Parts from $144.00 to $67.00 in a research report on Thursday, June 1st. Barclays lowered their price objective on Advance Auto Parts from $129.00 to $69.00 in a research report on Thursday, June 1st. Finally, Atlantic Securities lowered Advance Auto Parts from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $130.00 to $50.00 in a report on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $96.26.
Advance Auto Parts Price Performance
Shares of Advance Auto Parts stock opened at $71.30 on Tuesday. The stock has a market cap of $4.24 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.24 and a current ratio of 1.24. The stock’s fifty day moving average is $70.47 and its 200 day moving average is $109.48. Advance Auto Parts, Inc. has a one year low of $63.56 and a one year high of $212.25.
Advance Auto Parts (NYSE:AAP – Get Free Report) last posted its quarterly earnings data on Wednesday, May 31st. The company reported $0.72 EPS for the quarter, missing the consensus estimate of $2.60 by ($1.88). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.43 billion. Advance Auto Parts had a return on equity of 22.67% and a net margin of 3.61%. During the same period last year, the business earned $3.57 EPS. Sell-side analysts anticipate that Advance Auto Parts, Inc. will post 5.98 earnings per share for the current year.
Advance Auto Parts Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Thursday, July 13th. Advance Auto Parts’s dividend payout ratio (DPR) is 14.86%.
Insider Buying and Selling
In other Advance Auto Parts news, Director Carla Jean Bailo purchased 500 shares of the firm’s stock in a transaction on Wednesday, June 7th. The shares were acquired at an average cost of $65.90 per share, with a total value of $32,950.00. Following the completion of the acquisition, the director now directly owns 500 shares in the company, valued at $32,950. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Douglas A. Pertz acquired 4,575 shares of the company’s stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $66.02 per share, with a total value of $302,041.50. Following the acquisition, the director now directly owns 12,831 shares of the company’s stock, valued at $847,102.62. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carla Jean Bailo bought 500 shares of Advance Auto Parts stock in a transaction dated Wednesday, June 7th. The stock was purchased at an average cost of $65.90 per share, for a total transaction of $32,950.00. Following the completion of the acquisition, the director now directly owns 500 shares of the company’s stock, valued at approximately $32,950. The disclosure for this purchase can be found here. In the last quarter, insiders bought 5,463 shares of company stock valued at $359,924. Company insiders own 0.63% of the company’s stock.
About Advance Auto Parts
Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.
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