Pictet Asset Management SA Has $3.52 Million Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by Defense World Staff on Aug 25th, 2023

Pictet Asset Management SA cut its position in Advance Auto Parts, Inc. (NYSE:AAP – Free Report) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,978 shares of the company’s stock after selling 1,158 shares during the period. Pictet Asset Management SA’s holdings in Advance Auto Parts were worth $3,524,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AAP. Norges Bank acquired a new position in Advance Auto Parts in the fourth quarter valued at about $97,170,000. Alyeska Investment Group L.P. acquired a new position in shares of Advance Auto Parts during the fourth quarter worth approximately $86,585,000. Marshall Wace LLP lifted its position in shares of Advance Auto Parts by 378.8% during the fourth quarter. Marshall Wace LLP now owns 480,397 shares of the company’s stock worth $70,633,000 after purchasing an additional 380,062 shares in the last quarter. Barclays PLC lifted its position in shares of Advance Auto Parts by 337.3% during the fourth quarter. Barclays PLC now owns 339,699 shares of the company’s stock worth $49,946,000 after purchasing an additional 262,025 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Advance Auto Parts by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock worth $1,442,611,000 after purchasing an additional 261,715 shares in the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AAP. Stephens reiterated an “equal weight” rating and set a $77.00 target price on shares of Advance Auto Parts in a research report on Tuesday. Atlantic Securities lowered shares of 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 research report on Monday, July 10th. Citigroup reduced their target price on shares of Advance Auto Parts from $126.00 to $76.00 in a research report on Thursday, June 1st. UBS Group cut their price objective on shares of Advance Auto Parts from $132.00 to $75.00 in a report on Thursday, June 1st. Finally, Northcoast Research began coverage on shares of Advance Auto Parts in a report on Wednesday, June 28th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $95.05.

View Our Latest Analysis on Advance Auto Parts

Insider Transactions at Advance Auto Parts

In related news, Director Carla Jean Bailo acquired 500 shares of the stock in a transaction dated Wednesday, June 7th. The stock was bought at an average price of $65.90 per share, with a total value of $32,950.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at $32,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Carla Jean Bailo acquired 500 shares of the stock in a transaction dated Wednesday, June 7th. The stock was bought at an average price of $65.90 per share, with a total value of $32,950.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at $32,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Douglas A. Pertz acquired 4,575 shares of the stock in a transaction dated Monday, June 12th. The shares were bought at an average cost of $66.02 per share, with a total value of $302,041.50. Following the transaction, the director now directly owns 12,831 shares of the company’s stock, valued at $847,102.62. The disclosure for this purchase can be found here. Insiders purchased 5,463 shares of company stock valued at $359,924 over the last quarter. Corporate insiders own 0.63% of the company’s stock.

Advance Auto Parts Stock Down 2.2 %

Shares of NYSE:AAP opened at $67.91 on Friday. Advance Auto Parts, Inc. has a 52 week low of $63.56 and a 52 week high of $194.35. 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 company has a market capitalization of $4.04 billion, a PE ratio of 10.09, a PEG ratio of 0.99 and a beta of 1.08. The company has a 50 day moving average price of $70.20 and a two-hundred day moving average price of $102.78.

Advance Auto Parts (NYSE:AAP – Get Free Report) last issued its earnings results on Wednesday, August 23rd. The company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.23). Advance Auto Parts had a net margin of 3.61% and a return on equity of 22.67%. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the company posted $3.74 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Analysts forecast that Advance Auto Parts, Inc. will post 5.98 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, October 12th. Advance Auto Parts’s dividend payout ratio is 14.86%.

About Advance Auto Parts

(Free Report)

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.