Wells Fargo & Company MN lessened its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 13.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 947,020 shares of the company’s stock after selling 143,986 shares during the period. Wells Fargo & Company MN owned approximately 1.28% of Advance Auto Parts worth $159,412,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth about $116,000. Tower Research Capital LLC TRC acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth about $117,000. Federated Investors Inc. PA acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth about $124,000. First Mercantile Trust Co. acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth about $162,000. Finally, Community Financial Services Group LLC acquired a new position in shares of Advance Auto Parts during the 3rd quarter worth about $202,000.
In related news, Director Nigel Travis acquired 1,250 shares of the stock in a transaction dated Friday, August 17th. The shares were bought at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the purchase, the director now owns 1,250 shares in the company, valued at approximately $199,625. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.50% of the company’s stock.
Several equities analysts recently weighed in on AAP shares. Guggenheim set a $156.00 price objective on Advance Auto Parts and gave the stock a “buy” rating in a research report on Friday, July 13th. Stephens reissued a “hold” rating and set a $130.00 price objective on shares of Advance Auto Parts in a research report on Friday, July 13th. Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $162.00 price objective for the company in a research report on Tuesday, July 24th. Wedbush lowered their price target on Advance Auto Parts from $160.00 to $130.00 and set an “outperform” rating on the stock in a research note on Thursday, August 9th. Finally, Wells Fargo & Co restated a “hold” rating and set a $165.00 price target on shares of Advance Auto Parts in a research note on Tuesday, August 14th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $155.11.
Shares of AAP opened at $171.18 on Friday. Advance Auto Parts, Inc. has a 12-month low of $80.00 and a 12-month high of $174.71. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.48 and a current ratio of 1.63. The stock has a market cap of $12.63 billion, a P/E ratio of 31.88, a PEG ratio of 1.99 and a beta of 1.04.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.11. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company posted $1.48 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts anticipate that Advance Auto Parts, Inc. will post 6.97 EPS for the current fiscal year.
Advance Auto Parts announced that its board has authorized a stock repurchase plan on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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About Advance Auto Parts
Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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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