Signaturefd LLC boosted its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 362.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,305 shares of the company’s stock after acquiring an additional 1,023 shares during the quarter. Signaturefd LLC’s holdings in Advance Auto Parts were worth $177,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in Advance Auto Parts in the second quarter valued at approximately $116,000. Federated Investors Inc. PA acquired a new stake in Advance Auto Parts in the second quarter valued at approximately $124,000. Stratos Wealth Partners LTD. grew its holdings in Advance Auto Parts by 1,148.4% in the first quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock valued at $141,000 after purchasing an additional 1,091 shares during the period. First Mercantile Trust Co. acquired a new stake in Advance Auto Parts in the second quarter valued at approximately $162,000. Finally, Cerebellum GP LLC acquired a new stake in Advance Auto Parts in the second quarter valued at approximately $182,000.
A number of brokerages have recently issued reports on AAP. Bank of America lifted their price target on Advance Auto Parts from $86.00 to $103.00 and gave the stock an “underperform” rating in a research note on Wednesday, June 27th. JPMorgan Chase & Co. lifted their price target on Advance Auto Parts from $140.00 to $158.00 and gave the stock an “overweight” rating in a research note on Friday, June 15th. UBS Group reaffirmed a “buy” rating and issued a $160.00 price target on shares of Advance Auto Parts in a research note on Friday, June 22nd. Argus set a $155.00 price target on Advance Auto Parts and gave the stock a “buy” rating in a research note on Friday, July 6th. Finally, Royal Bank of Canada lifted their price target on Advance Auto Parts to $154.00 and gave the stock an “outperform” rating in a research note on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. Advance Auto Parts has an average rating of “Hold” and an average target price of $143.11.
Advance Auto Parts (NYSE:AAP) last released 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. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 earnings per share. equities analysts anticipate that Advance Auto Parts, Inc. will post 6.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 21st will be paid 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 (DPR) is currently 4.47%.
Advance Auto Parts declared that its board has authorized a share buyback program on Tuesday, August 14th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, Director Nigel Travis acquired 1,250 shares of the stock in a transaction on Friday, August 17th. The shares were bought at an average price of $159.70 per share, with a total value of $199,625.00. Following the completion of the purchase, the director now owns 1,250 shares of the company’s stock, valued at approximately $199,625. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.50% of the company’s stock.
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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