ARGA Investment Management LP decreased its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 20.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 18,100 shares of the company’s stock after selling 4,750 shares during the quarter. Advance Auto Parts accounts for 0.4% of ARGA Investment Management LP’s portfolio, making the stock its 27th largest holding. ARGA Investment Management LP’s holdings in Advance Auto Parts were worth $3,047,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its position in Advance Auto Parts by 1.7% during the second quarter. Janus Henderson Group PLC now owns 20,914 shares of the company’s stock worth $2,838,000 after purchasing an additional 357 shares during the period. BB&T Corp lifted its position in Advance Auto Parts by 16.7% during the third quarter. BB&T Corp now owns 2,713 shares of the company’s stock worth $457,000 after purchasing an additional 389 shares during the period. Amalgamated Bank lifted its position in Advance Auto Parts by 4.9% during the second quarter. Amalgamated Bank now owns 9,760 shares of the company’s stock worth $1,324,000 after purchasing an additional 455 shares during the period. First Republic Investment Management Inc. lifted its position in Advance Auto Parts by 17.8% during the second quarter. First Republic Investment Management Inc. now owns 3,111 shares of the company’s stock worth $422,000 after purchasing an additional 470 shares during the period. Finally, Glen Harbor Capital Management LLC lifted its position in Advance Auto Parts by 8.1% during the second quarter. Glen Harbor Capital Management LLC now owns 6,800 shares of the company’s stock worth $923,000 after purchasing an additional 510 shares during the period.
In other news, Director Nigel Travis acquired 1,250 shares of the stock in a transaction dated Friday, August 17th. The stock was 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 directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.50% of the company’s stock.
Advance Auto Parts (NYSE:AAP) last issued its earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.48 earnings per share. On average, sell-side analysts predict that Advance Auto Parts, Inc. will post 6.97 earnings per share for the current year.
Advance Auto Parts declared that its board has initiated a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Thursday, September 20th. Advance Auto Parts’s dividend payout ratio is currently 4.47%.
AAP has been the subject of several recent analyst reports. Deutsche Bank upped their price objective on shares of Advance Auto Parts from $155.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday, August 15th. Wedbush set a $175.00 target price on Advance Auto Parts and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Argus set a $155.00 target price on Advance Auto Parts and gave the stock a “buy” rating in a research note on Friday, July 6th. ValuEngine raised Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Thursday, July 5th. Finally, Guggenheim set a $156.00 target price on Advance Auto Parts and gave the stock a “buy” rating in a research note on Friday, July 13th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $154.56.
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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