Point72 Asset Management L.P. acquired a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 84,800 shares of the company’s stock, valued at approximately $11,507,000. Point72 Asset Management L.P. owned approximately 0.11% of Advance Auto Parts as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in Advance Auto Parts during the second quarter worth about $116,000. Federated Investors Inc. PA acquired a new stake in Advance Auto Parts during the second quarter worth about $124,000. Stratos Wealth Partners LTD. grew its stake in Advance Auto Parts by 1,148.4% during the first quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock worth $141,000 after buying an additional 1,091 shares in the last quarter. First Mercantile Trust Co. acquired a new stake in Advance Auto Parts during the second quarter worth about $162,000. Finally, Cerebellum GP LLC acquired a new stake in Advance Auto Parts during the second quarter worth about $182,000.
A number of equities research analysts have issued reports on AAP shares. Wells Fargo & Co reiterated a “hold” rating and set a $120.00 price objective (up from $110.00) on shares of Advance Auto Parts in a research note on Tuesday, May 22nd. ValuEngine cut shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a report on Tuesday, May 22nd. JPMorgan Chase & Co. increased their target price on shares of Advance Auto Parts from $138.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, May 23rd. Credit Suisse Group raised shares of Advance Auto Parts to a “buy” rating and set a $130.00 target price for the company in a report on Wednesday, May 23rd. Finally, TheStreet raised shares of Advance Auto Parts from a “c+” rating to a “b-” rating in a report on Friday, June 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $143.11.
Shares of NYSE AAP opened at $165.45 on Friday. The company has a market capitalization of $12.38 billion, a P/E ratio of 26.65, a price-to-earnings-growth ratio of 2.25 and a beta of 1.18. Advance Auto Parts, Inc. has a 1 year low of $78.81 and a 1 year high of $170.91. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.63 and a quick ratio of 0.48.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.11. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the business earned $1.48 EPS. analysts forecast that Advance Auto Parts, Inc. will post 6.94 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $0.24 dividend on an annualized basis and a yield of 0.15%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 4.47%.
Advance Auto Parts declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 14th that allows the company to repurchase $600.00 million in shares. This repurchase authorization allows the company to buy up to 5.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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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