CIBC Asset Management Inc Sells 2,995 Shares of Advance Auto Parts Inc (AAP)

CIBC Asset Management Inc decreased its position in shares of Advance Auto Parts Inc (NYSE:AAP) by 16.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,680 shares of the company’s stock after selling 2,995 shares during the period. CIBC Asset Management Inc’s holdings in Advance Auto Parts were worth $1,711,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Cleararc Capital Inc. boosted its position in shares of Advance Auto Parts by 0.4% in the first quarter. Cleararc Capital Inc. now owns 1,802 shares of the company’s stock worth $267,000 after buying an additional 7 shares during the period. IFP Advisors Inc boosted its position in shares of Advance Auto Parts by 3.2% in the first quarter. IFP Advisors Inc now owns 767 shares of the company’s stock worth $114,000 after buying an additional 24 shares during the period. Strs Ohio boosted its position in shares of Advance Auto Parts by 0.7% in the first quarter. Strs Ohio now owns 3,955 shares of the company’s stock worth $586,000 after buying an additional 28 shares during the period. Pacer Advisors Inc. boosted its position in shares of Advance Auto Parts by 3.0% in the first quarter. Pacer Advisors Inc. now owns 1,517 shares of the company’s stock worth $225,000 after buying an additional 44 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Advance Auto Parts by 3.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,964 shares of the company’s stock worth $272,000 after buying an additional 61 shares during the period.

Shares of Advance Auto Parts Inc (NYSE:AAP) opened at 109.18 on Thursday. The company has a 50 day moving average of $109.35 and a 200-day moving average of $138.49. Advance Auto Parts Inc has a 52 week low of $99.13 and a 52 week high of $177.83. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 19.78 and a beta of 0.87.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Wednesday, May 24th. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by $0.60. Advance Auto Parts had a return on equity of 16.02% and a net margin of 4.31%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the company earned $2.51 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts expect that Advance Auto Parts Inc will post $6.38 earnings per share for the current fiscal year.

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A number of brokerages have weighed in on AAP. Barclays PLC reaffirmed a “sell” rating and set a $120.00 price target on shares of Advance Auto Parts in a research report on Friday, May 26th. Royal Bank Of Canada reduced their price target on shares of Advance Auto Parts from $168.00 to $153.00 and set an “outperform” rating on the stock in a research report on Thursday, May 25th. UBS AG reaffirmed a “buy” rating and set a $180.00 price target (down from $200.00) on shares of Advance Auto Parts in a research report on Wednesday, May 17th. Bank of America Corporation reduced their price target on shares of Advance Auto Parts from $160.00 to $150.00 and set a “neutral” rating on the stock in a research report on Thursday, May 25th. Finally, Jefferies Group LLC lifted their price target on shares of Advance Auto Parts to $150.00 and gave the company a “hold” rating in a research report on Wednesday, June 28th. Five analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $149.06.

In related news, insider Thomas Greco acquired 16,000 shares of the company’s stock in a transaction on Friday, May 26th. The stock was purchased at an average cost of $134.63 per share, for a total transaction of $2,154,080.00. Following the completion of the purchase, the insider now directly owns 111,030 shares of the company’s stock, valued at approximately $14,947,968.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eugene I. Lee, Jr. acquired 1,895 shares of the company’s stock in a transaction on Friday, May 26th. The shares were bought at an average price of $132.18 per share, with a total value of $250,481.10. Following the completion of the purchase, the director now directly owns 4,398 shares of the company’s stock, valued at $581,327.64. The disclosure for this purchase can be found here. Insiders have acquired 369,462 shares of company stock valued at $49,617,073 over the last quarter. Corporate insiders own 4.50% of the company’s stock.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.

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Institutional Ownership by Quarter for Advance Auto Parts (NYSE:AAP)

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