State Board of Administration of Florida Retirement System boosted its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 103,371 shares of the company’s stock after purchasing an additional 453 shares during the period. State Board of Administration of Florida Retirement System owned 0.14% of Advance Auto Parts worth $17,400,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. WBI Investments Inc. acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $1,549,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Advance Auto Parts by 1,021.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 118,060 shares of the company’s stock valued at $19,875,000 after buying an additional 107,532 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $395,000. Frontier Capital Management Co. LLC lifted its position in shares of Advance Auto Parts by 68.4% in the third quarter. Frontier Capital Management Co. LLC now owns 620,280 shares of the company’s stock valued at $104,412,000 after buying an additional 251,888 shares during the last quarter. Finally, Columbus Circle Investors lifted its position in shares of Advance Auto Parts by 88.2% in the third quarter. Columbus Circle Investors now owns 204,167 shares of the company’s stock valued at $34,367,000 after buying an additional 95,697 shares during the last quarter.
In other Advance Auto Parts news, Director Nigel Travis purchased 1,250 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were bought at an average price of $159.70 per share, for a total transaction of $199,625.00. Following the purchase, the director now owns 1,250 shares in the company, valued at approximately $199,625. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.50% of the stock is owned by company insiders.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, topping the Zacks’ consensus estimate of $1.86 by $0.11. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the company earned $1.48 EPS. The company’s revenue was up 2.8% on a year-over-year basis. Equities research analysts expect that Advance Auto Parts, Inc. will post 6.97 earnings per share for the current fiscal year.
Advance Auto Parts declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 14th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
A number of equities analysts have recently weighed in on AAP shares. 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. Zacks Investment Research lowered Advance Auto Parts from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Stephens reiterated a “hold” rating and set a $130.00 target price on shares of Advance Auto Parts in a research note on Friday, July 13th. Argus increased their target price on Advance Auto Parts from $155.00 to $184.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. Finally, Bank of America upgraded Advance Auto Parts from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $123.00 to $177.00 in a research note on Monday, September 17th. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Advance Auto Parts has a consensus rating of “Buy” and an average target price of $155.11.
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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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