Optimal Asset Management Inc. Trims Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Optimal Asset Management Inc. decreased its holdings in Advance Auto Parts, Inc. (NYSE:AAP) by 57.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,905 shares of the company’s stock after selling 4,000 shares during the quarter. Optimal Asset Management Inc.’s holdings in Advance Auto Parts were worth $533,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Advance Auto Parts by 12.7% in the 1st quarter. Renaissance Technologies LLC now owns 224,750 shares of the company’s stock valued at $41,239,000 after purchasing an additional 25,390 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Advance Auto Parts by 38.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 96,809 shares of the company’s stock valued at $15,250,000 after purchasing an additional 27,136 shares during the last quarter. Neuberger Berman Group LLC raised its position in Advance Auto Parts by 17.8% in the 1st quarter. Neuberger Berman Group LLC now owns 827,776 shares of the company’s stock valued at $151,900,000 after purchasing an additional 124,854 shares during the last quarter. Barclays PLC raised its position in Advance Auto Parts by 8.2% in the 1st quarter. Barclays PLC now owns 89,308 shares of the company’s stock valued at $16,386,000 after purchasing an additional 6,739 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in Advance Auto Parts by 18.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 6,906 shares of the company’s stock worth $1,267,000 after buying an additional 1,094 shares during the last quarter. Hedge funds and other institutional investors own 96.87% of the company’s stock.

Advance Auto Parts stock opened at $209.40 on Thursday. Advance Auto Parts, Inc. has a 12-month low of $142.46 and a 12-month high of $213.94. The firm has a market cap of $13.70 billion, a PE ratio of 22.44, a P/E/G ratio of 1.40 and a beta of 1.38. The business’s 50-day moving average price is $200.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.32 and a quick ratio of 0.38.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Tuesday, June 1st. The company reported $3.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.08 by $0.26. Advance Auto Parts had a net margin of 5.92% and a return on equity of 20.48%. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.30 billion. During the same period last year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, equities research analysts predict that Advance Auto Parts, Inc. will post 10.86 earnings per share for the current fiscal year.

In related news, Director Carla Jean Bailo bought 400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 16th. The shares were acquired at an average cost of $197.80 per share, with a total value of $79,120.00. Following the completion of the transaction, the director now owns 1,964 shares of the company’s stock, valued at $388,479.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Natalie Schechtman sold 3,200 shares of the firm’s stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $197.58, for a total transaction of $632,256.00. Following the completion of the sale, the executive vice president now directly owns 5,545 shares in the company, valued at $1,095,581.10. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

AAP has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Advance Auto Parts from a “buy” rating to a “hold” rating and set a $223.00 price objective for the company. in a research report on Tuesday, July 13th. Wedbush upped their price objective on shares of Advance Auto Parts from $210.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 22nd. Raymond James upped their price objective on shares of Advance Auto Parts from $175.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 21st. Citigroup upped their price objective on shares of Advance Auto Parts from $228.00 to $232.00 and gave the stock a “buy” rating in a research report on Thursday, June 3rd. Finally, Royal Bank of Canada increased their price target on shares of Advance Auto Parts from $227.00 to $240.00 and gave the company an “outperform” rating in a report on Thursday, June 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. Advance Auto Parts currently has an average rating of “Buy” and a consensus target price of $198.63.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company 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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Institutional Ownership by Quarter for Advance Auto Parts (NYSE:AAP)

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