BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 4.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,736 shares of the company’s stock after selling 2,318 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.07% of Advance Auto Parts worth $9,045,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Piedmont Investment Advisors LLC bought a new stake in Advance Auto Parts during the 2nd quarter valued at $116,000. Tower Research Capital LLC TRC bought a new position in shares of Advance Auto Parts in the second quarter worth $117,000. Federated Investors Inc. PA bought a new position in shares of Advance Auto Parts in the second quarter worth $124,000. ClariVest Asset Management LLC bought a new position in shares of Advance Auto Parts in the third quarter worth $173,000. Finally, Community Financial Services Group LLC bought a new position in shares of Advance Auto Parts in the third quarter worth $202,000. 97.88% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Fiona P. Dias sold 1,048 shares of the company’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $177.54, for a total value of $186,061.92. Following the completion of the transaction, the director now directly owns 11,693 shares in the company, valued at $2,075,975.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.50% of the stock is currently owned by insiders.
AAP has been the topic of several research analyst reports. Deutsche Bank set a $205.00 price target on shares of Advance Auto Parts and gave the stock a “buy” rating in a report on Wednesday, November 14th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Advance Auto Parts in a report on Tuesday, October 16th. Morgan Stanley upped their price target on shares of Advance Auto Parts from $170.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, October 11th. JPMorgan Chase & Co. upped their price target on shares of Advance Auto Parts from $220.00 to $222.00 and gave the stock an “overweight” rating in a report on Wednesday, November 14th. Finally, Zacks Investment Research raised shares of Advance Auto Parts from a “hold” rating to a “buy” rating and set a $199.00 price target on the stock in a report on Tuesday, November 20th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Advance Auto Parts currently has a consensus rating of “Buy” and an average target price of $178.76.
Shares of NYSE:AAP opened at $167.59 on Friday. Advance Auto Parts, Inc. has a 52-week low of $97.38 and a 52-week high of $186.15. The firm has a market capitalization of $12.99 billion, a P/E ratio of 31.21, a P/E/G ratio of 2.07 and a beta of 1.06. The company has a quick ratio of 0.49, a current ratio of 1.62 and a debt-to-equity ratio of 0.29.
Advance Auto Parts (NYSE:AAP) last announced its earnings results on Tuesday, November 13th. The company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.14. Advance Auto Parts had a net margin of 5.83% and a return on equity of 13.99%. The company had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same period in the previous year, the business earned $1.43 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Advance Auto Parts, Inc. will post 7.11 EPS for the current year.
Advance Auto Parts declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 21st will be given a $0.06 dividend. The ex-dividend date is Thursday, December 20th. This represents a $0.24 annualized dividend and a yield of 0.14%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 4.47%.
Advance Auto Parts Profile
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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