Rhumbline Advisers raised its position in Advance Auto Parts, Inc. (NYSE:AAP) by 4.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,073 shares of the company’s stock after buying an additional 6,395 shares during the quarter. Rhumbline Advisers owned approximately 0.19% of Advance Auto Parts worth $19,279,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of AAP. Piedmont Investment Advisors LLC purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $116,000. Stratos Wealth Partners LTD. raised its stake in shares of Advance Auto Parts by 1,148.4% during the first quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock worth $141,000 after purchasing an additional 1,091 shares during the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $162,000. Cerebellum GP LLC purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $182,000. Finally, Creative Planning purchased a new stake in shares of Advance Auto Parts during the second quarter worth approximately $206,000.
In other Advance Auto Parts news, Director Nigel Travis acquired 1,250 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were purchased at an average price of $159.70 per share, with a total value of $199,625.00. Following the completion of the acquisition, the director now directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.50% of the company’s stock.
Several research firms have recently commented on AAP. Citigroup upgraded Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $85.00 price target for the company in a research note on Tuesday, August 14th. Wells Fargo & Co restated a “hold” rating and set a $120.00 price target (up previously from $110.00) on shares of Advance Auto Parts in a research note on Tuesday, May 22nd. Credit Suisse Group upgraded Advance Auto Parts to a “buy” rating and set a $130.00 price target for the company in a research note on Wednesday, May 23rd. Atlantic Securities upgraded Advance Auto Parts from a “neutral” rating to an “overweight” rating and set a $140.00 price target for the company in a research note on Tuesday, May 8th. Finally, Guggenheim set a $156.00 price target on Advance Auto Parts and gave the stock a “buy” rating in a research note on Friday, July 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $143.11.
Shares of AAP stock opened at $159.72 on Friday. Advance Auto Parts, Inc. has a 1-year low of $78.81 and a 1-year high of $160.63. The firm has a market cap of $10.83 billion, a P/E ratio of 29.74, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.61, a quick ratio of 0.40 and a debt-to-equity ratio of 0.29.
Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.86 by $0.11. Advance Auto Parts had a return on equity of 13.09% and a net margin of 5.39%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the company posted $1.48 earnings per share. Advance Auto Parts’s quarterly revenue was up 2.8% on a year-over-year basis. equities analysts predict that Advance Auto Parts, Inc. will post 6.8 EPS for the current fiscal year.
Advance Auto Parts declared that its Board of Directors has authorized a share buyback program on Tuesday, August 14th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date is Thursday, September 20th. Advance Auto Parts’s dividend payout ratio 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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