Janney Montgomery Scott LLC Reduces Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Posted by Defense World Staff on Oct 22nd, 2023

Janney Montgomery Scott LLC trimmed its stake in Advance Auto Parts, Inc. (NYSE:AAP – Free Report) by 15.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,550 shares of the company’s stock after selling 4,355 shares during the period. Janney Montgomery Scott LLC’s holdings in Advance Auto Parts were worth $1,726,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC acquired a new stake in Advance Auto Parts during the 1st quarter worth $232,000. MetLife Investment Management LLC lifted its stake in shares of Advance Auto Parts by 21.9% in the 1st quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock worth $3,511,000 after acquiring an additional 3,046 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Advance Auto Parts by 5.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock worth $1,727,000 after acquiring an additional 435 shares during the period. Cibc World Market Inc. lifted its stake in shares of Advance Auto Parts by 120.6% in the 1st quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock worth $2,399,000 after acquiring an additional 6,338 shares during the period. Finally, Blair William & Co. IL lifted its stake in shares of Advance Auto Parts by 14.4% in the 1st quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock worth $956,000 after acquiring an additional 582 shares during the period. 88.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Eugene I. Lee, Jr. purchased 8,670 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was purchased at an average price of $57.65 per share, with a total value of $499,825.50. Following the completion of the transaction, the director now owns 19,430 shares of the company’s stock, valued at approximately $1,120,139.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is currently owned by company insiders.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $51.20 on Friday. The firm has a 50 day simple moving average of $60.15 and a 200-day simple moving average of $80.98. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.26 and a quick ratio of 0.25. The firm has a market cap of $3.04 billion, a PE ratio of 8.86, a P/E/G ratio of 0.96 and a beta of 1.11. Advance Auto Parts, Inc. has a 1-year low of $49.28 and a 1-year high of $194.35.

Advance Auto Parts (NYSE:AAP – Get Free Report) last posted its quarterly earnings data on Wednesday, August 23rd. The company reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.23). The firm had revenue of $2.69 billion during the quarter, compared to analyst estimates of $2.66 billion. Advance Auto Parts had a net margin of 3.08% and a return on equity of 17.53%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $3.74 EPS. On average, equities analysts expect that Advance Auto Parts, Inc. will post 4.67 EPS for the current year.

Advance Auto Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors 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 yield of 1.95%. The ex-dividend date is Thursday, October 12th. Advance Auto Parts’s dividend payout ratio (DPR) is 17.30%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Northcoast Research assumed coverage on shares of Advance Auto Parts in a research note on Wednesday, June 28th. They issued a “neutral” rating for the company. Atlantic Securities downgraded shares of Advance Auto Parts from a “neutral” rating to an “underweight” rating and cut their price target for the company from $130.00 to $50.00 in a report on Monday, July 10th. Evercore ISI cut their price target on shares of Advance Auto Parts from $80.00 to $75.00 and set an “in-line” rating for the company in a report on Friday, September 8th. The Goldman Sachs Group cut their price target on shares of Advance Auto Parts from $90.00 to $83.00 and set a “neutral” rating for the company in a report on Wednesday, August 23rd. Finally, Stephens cut their price target on shares of Advance Auto Parts from $77.00 to $71.00 and set an “equal weight” rating for the company in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $90.75.

Check Out Our Latest Stock Report on AAP

Advance Auto Parts Profile

(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.