Chevy Chase Trust Holdings Inc. cut its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,806 shares of the company’s stock after selling 1,461 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Advance Auto Parts were worth $10,235,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Piedmont Investment Advisors LLC bought a new position in Advance Auto Parts during the second quarter worth $116,000. Tower Research Capital LLC TRC bought a new position in Advance Auto Parts during the second quarter worth $117,000. Federated Investors Inc. PA bought a new position in Advance Auto Parts during the second quarter worth $124,000. First Mercantile Trust Co. bought a new position in Advance Auto Parts during the second quarter worth $162,000. Finally, Community Financial Services Group LLC bought a new position in Advance Auto Parts during the third quarter worth $202,000.
In other news, Director Nigel Travis bought 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, for a total transaction of $199,625.00. Following the completion of the acquisition, the director now directly owns 1,250 shares in the company, valued at approximately $199,625. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.50% of the company’s stock.
Advance Auto Parts (NYSE:AAP) last announced its earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a net margin of 5.68% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 earnings per share. On average, equities research analysts anticipate that Advance Auto Parts, Inc. will post 6.97 earnings per share for the current fiscal year.
Advance Auto Parts announced that its Board of Directors has approved 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were issued a $0.06 dividend. The ex-dividend date was Thursday, September 20th. This represents a $0.24 annualized dividend and a dividend yield of 0.15%. Advance Auto Parts’s dividend payout ratio is currently 4.47%.
Several research analysts have weighed in on the stock. Wedbush upped their price objective on shares of Advance Auto Parts from $175.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, October 26th. Argus set a $155.00 price objective on shares of Advance Auto Parts and gave the stock a “buy” rating in a report on Friday, July 6th. Royal Bank of Canada upped their price objective on shares of Advance Auto Parts to $154.00 and gave the stock an “outperform” rating in a report on Thursday, July 12th. Stephens restated a “hold” rating and set a $155.00 price objective on shares of Advance Auto Parts in a report on Thursday, August 16th. Finally, Citigroup upgraded shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $85.00 price objective on the stock in a report on Tuesday, August 14th. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Advance Auto Parts presently has an average 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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