State Board of Administration of Florida Retirement System boosted its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 103,371 shares of the company’s stock after buying an additional 453 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Advance Auto Parts were worth $17,400,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new position in Advance Auto Parts during the 2nd quarter worth about $116,000. Tower Research Capital LLC TRC acquired a new position in Advance Auto Parts during the 2nd quarter worth about $117,000. Federated Investors Inc. PA acquired a new position in Advance Auto Parts during the 2nd quarter worth about $124,000. First Mercantile Trust Co. acquired a new position in Advance Auto Parts during the 2nd quarter worth about $162,000. Finally, Community Financial Services Group LLC acquired a new position in Advance Auto Parts during the 3rd quarter worth about $202,000.
In other news, Director Nigel Travis bought 1,250 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was acquired at an average cost of $159.70 per share, with a total value of $199,625.00. Following the transaction, the director now directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.50% of the company’s stock.
A number of brokerages have recently issued reports on AAP. Guggenheim set a $156.00 price objective on Advance Auto Parts and gave the company a “buy” rating in a research note on Friday, July 13th. Wedbush set a $175.00 price objective on Advance Auto Parts and gave the company a “buy” rating in a research note on Wednesday, August 15th. Argus boosted their price objective on Advance Auto Parts from $155.00 to $184.00 and gave the company a “buy” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on Advance Auto Parts from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, August 15th. Finally, Deutsche Bank boosted their price objective on Advance Auto Parts from $155.00 to $171.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $155.11.
Shares of NYSE:AAP opened at $171.18 on Friday. Advance Auto Parts, Inc. has a 1 year low of $80.00 and a 1 year high of $174.71. The stock has a market capitalization of $12.63 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.48 and a current ratio of 1.63.
Advance Auto Parts (NYSE:AAP) last issued its earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company posted $1.48 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts forecast that Advance Auto Parts, Inc. will post 6.97 EPS for the current fiscal year.
Advance Auto Parts announced that its Board of Directors has approved a share repurchase plan on Tuesday, August 14th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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