American International Group Inc. boosted its holdings in Advance Auto Parts, Inc. (NYSE:AAP) by 6.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,491 shares of the company’s stock after buying an additional 1,739 shares during the period. American International Group Inc.’s holdings in Advance Auto Parts were worth $4,796,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in AAP. Piedmont Investment Advisors LLC bought a new position in Advance Auto Parts in the second quarter valued at $116,000. Tower Research Capital LLC TRC bought a new position in Advance Auto Parts in the second quarter valued at $117,000. Federated Investors Inc. PA bought a new position in Advance Auto Parts in the second quarter valued at $124,000. ClariVest Asset Management LLC bought a new position in Advance Auto Parts in the third quarter valued at $173,000. Finally, Signaturefd LLC grew its position in Advance Auto Parts by 362.8% in the second quarter. Signaturefd LLC now owns 1,305 shares of the company’s stock valued at $177,000 after purchasing an additional 1,023 shares in the last quarter. Institutional investors and hedge funds own 97.88% of the company’s stock.
AAP has been the subject of a number of analyst reports. Deutsche Bank set a $205.00 target price on shares of Advance Auto Parts and gave the company 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 raised their target price on shares of Advance Auto Parts from $170.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, October 11th. JPMorgan Chase & Co. raised their target price on shares of Advance Auto Parts from $220.00 to $222.00 and gave the company an “overweight” rating in a research 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 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 issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $178.76.
Shares of AAP stock opened at $167.59 on Friday. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 31.21, a PEG 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, Inc. has a one year low of $97.38 and a one year high of $186.15.
Advance Auto Parts (NYSE:AAP) last announced 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 analysts’ expectations of $2.23 billion. Advance Auto Parts had a net margin of 5.83% and a return on equity of 13.99%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.43 earnings per share. As a group, equities research analysts predict that Advance Auto Parts, Inc. will post 7.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 21st will be paid 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%.
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 buy up to 5.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Advance Auto Parts news, Director Fiona P. Dias sold 1,048 shares of the 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 sale, the director now owns 11,693 shares in the company, valued at $2,075,975.22. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.50% of the company’s stock.
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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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