Dimensional Fund Advisors LP lifted its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 15.9% during the third quarter, HoldingsChannel.com reports. The firm owned 709,088 shares of the company’s stock after buying an additional 97,228 shares during the period. Dimensional Fund Advisors LP’s holdings in Advance Auto Parts were worth $119,369,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Advance Auto Parts by 0.5% during the 3rd quarter. BlackRock Inc. now owns 4,554,239 shares of the company’s stock worth $766,616,000 after purchasing an additional 21,440 shares during the period. Bessemer Group Inc. raised its position in shares of Advance Auto Parts by 0.3% during the 3rd quarter. Bessemer Group Inc. now owns 886,920 shares of the company’s stock worth $149,296,000 after purchasing an additional 2,877 shares during the period. Northern Trust Corp raised its position in shares of Advance Auto Parts by 3.7% during the 2nd quarter. Northern Trust Corp now owns 848,043 shares of the company’s stock worth $115,079,000 after purchasing an additional 30,379 shares during the period. Allen Investment Management LLC raised its position in shares of Advance Auto Parts by 6.2% during the 3rd quarter. Allen Investment Management LLC now owns 839,727 shares of the company’s stock worth $141,351,000 after purchasing an additional 49,219 shares during the period. Finally, FIL Ltd raised its position in shares of Advance Auto Parts by 8.6% during the 3rd quarter. FIL Ltd now owns 649,178 shares of the company’s stock worth $109,276,000 after purchasing an additional 51,518 shares during the period. Institutional investors and hedge funds own 97.88% of the company’s stock.
AAP opened at $167.59 on Friday. Advance Auto Parts, Inc. has a 12 month low of $97.38 and a 12 month high of $186.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.49 and a current ratio of 1.62. The company 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 (NYSE:AAP) last posted its earnings results on Tuesday, November 13th. The company reported $1.89 EPS for the quarter, beating the consensus estimate of $1.75 by $0.14. Advance Auto Parts had a return on equity of 13.99% and a net margin of 5.83%. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same period last year, the firm earned $1.43 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, research analysts expect that Advance Auto Parts, Inc. will post 7.11 earnings per share for the current fiscal year.
The firm 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. This represents a $0.24 annualized dividend and a yield of 0.14%. The ex-dividend date is Thursday, December 20th. Advance Auto Parts’s dividend payout ratio is currently 4.47%.
Advance Auto Parts declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 14th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded Advance Auto Parts from a “hold” rating to a “buy” rating and set a $200.00 price target on the stock in a research report on Thursday. Citigroup increased their price target on Advance Auto Parts from $155.00 to $185.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 14th. UBS Group increased their price target on Advance Auto Parts from $190.00 to $215.00 and gave the stock a “buy” rating in a research report on Wednesday, November 14th. JPMorgan Chase & Co. increased their price target 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, Bank of America raised their target price on Advance Auto Parts from $177.00 to $200.00 and gave the company a “neutral” rating in a research report on Wednesday, November 14th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $178.76.
In related news, Director Fiona P. Dias sold 1,048 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $177.54, for a total value of $186,061.92. Following the sale, the director now directly owns 11,693 shares in the company, valued at approximately $2,075,975.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.50% of the stock is owned by company insiders.
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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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