Dimensional Fund Advisors LP raised its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 15.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 709,088 shares of the company’s stock after acquiring an additional 97,228 shares during the period. Dimensional Fund Advisors LP owned approximately 0.96% of Advance Auto Parts worth $119,369,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Putnam Investments LLC boosted its position in shares of Advance Auto Parts by 12.0% in the second quarter. Putnam Investments LLC now owns 181,457 shares of the company’s stock worth $24,623,000 after buying an additional 19,492 shares during the period. Seven Eight Capital LP purchased a new stake in shares of Advance Auto Parts in the third quarter worth about $11,547,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Advance Auto Parts in the second quarter worth about $116,000. Community Financial Services Group LLC purchased a new stake in shares of Advance Auto Parts in the third quarter worth about $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Advance Auto Parts by 3.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,065 shares of the company’s stock worth $1,909,000 after buying an additional 532 shares during the period. 97.88% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Fiona P. Dias sold 1,048 shares of the stock in a transaction dated Friday, November 16th. The stock was 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 owns 11,693 shares of the company’s stock, valued at $2,075,975.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.50% of the company’s stock.
Several equities research analysts have recently weighed in on AAP shares. Deutsche Bank set a $205.00 target price on Advance Auto Parts and gave the stock a “buy” rating in a research report on Wednesday, November 14th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Advance Auto Parts in a research report on Tuesday, October 16th. Morgan Stanley upped their target price on Advance Auto Parts from $170.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, October 11th. JPMorgan Chase & Co. upped their target price on Advance Auto Parts from $220.00 to $222.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 14th. Finally, Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $199.00 target price for the company in a research report on Tuesday, November 20th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Advance Auto Parts presently has an average rating of “Buy” and a consensus target price of $178.76.
Shares of AAP opened at $167.59 on Friday. The stock has a market capitalization of $12.81 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 2.05 and a beta of 1.06. Advance Auto Parts, Inc. has a one year low of $97.38 and a one year high of $186.15. 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 issued its quarterly earnings results on Tuesday, November 13th. The company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.14. The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.23 billion. Advance Auto Parts had a return on equity of 13.99% and a net margin of 5.83%. Advance Auto Parts’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.43 earnings per share. On average, research analysts anticipate that Advance Auto Parts, Inc. will post 7.11 EPS for the current year.
Advance Auto Parts announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 14th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 21st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, December 20th. Advance Auto Parts’s dividend payout ratio is currently 4.47%.
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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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