Lateef Investment Management L.P. cut its position in Advance Auto Parts Inc (NYSE:AAP) by 98.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,654 shares of the company’s stock after selling 282,044 shares during the period. Lateef Investment Management L.P.’s holdings in Advance Auto Parts were worth $362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tobam purchased a new position in Advance Auto Parts during the second quarter valued at $118,000. QS Investors LLC grew its stake in Advance Auto Parts by 0.9% during the second quarter. QS Investors LLC now owns 1,017 shares of the company’s stock valued at $119,000 after acquiring an additional 9 shares in the last quarter. Global X Management Co. LLC grew its stake in Advance Auto Parts by 14.3% during the second quarter. Global X Management Co. LLC now owns 1,111 shares of the company’s stock valued at $130,000 after acquiring an additional 139 shares in the last quarter. IFP Advisors Inc lifted its position in Advance Auto Parts by 57.5% during the second quarter. IFP Advisors Inc now owns 1,208 shares of the company’s stock valued at $141,000 after purchasing an additional 441 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its position in Advance Auto Parts by 763.0% during the second quarter. Federated Investors Inc. PA now owns 1,398 shares of the company’s stock valued at $163,000 after purchasing an additional 1,236 shares during the last quarter.
Several research firms have commented on AAP. Oppenheimer reiterated a “hold” rating on shares of Advance Auto Parts in a research report on Tuesday, August 15th. Moffett Nathanson initiated coverage on shares of Advance Auto Parts in a report on Monday. They issued a “neutral” rating for the company. Citigroup lowered shares of Advance Auto Parts from a “strong-buy” rating to a “market perform” rating in a report on Wednesday, October 4th. Raymond James Financial reaffirmed a “market perform” rating on shares of Advance Auto Parts in a research note on Wednesday, October 4th. Finally, Bank of America reissued an “underperform” rating and set a $87.50 target price on shares of Advance Auto Parts in a research report on Tuesday, September 5th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $104.89.
Advance Auto Parts (NYSE:AAP) last released its earnings results on Tuesday, November 14th. The company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.18. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Advance Auto Parts had a net margin of 3.75% and a return on equity of 13.51%. Advance Auto Parts’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. research analysts forecast that Advance Auto Parts Inc will post 5.22 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 22nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date of this dividend is Thursday, December 21st. Advance Auto Parts’s dividend payout ratio (DPR) is presently 5.03%.
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Advance Auto Parts Company Profile
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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