Public Sector Pension Investment Board Boosts Stake in Advance Auto Parts, Inc. $AAP

Key Points

• The Public Sector Pension Investment Board increased its investment in Advance Auto Parts, Inc. by 27.3%, purchasing an additional 40,323 shares, bringing its total holdings to 188,159 shares valued at approximately $7.4 million.
• Analysts have raised price targets for Advance Auto Parts, with Wells Fargo setting a new target of $50.00, while UBS Group set it even higher at $65.00, indicating a generally optimistic outlook.
• The company reported a quarterly earnings per share of $0.69, exceeding estimates, but noted a 7.7% decrease in revenue compared to the previous year.

Public Sector Pension Investment Board lifted its holdings in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 188,159 shares of the company's stock after acquiring an additional 40,323 shares during the period. Public Sector Pension Investment Board owned approximately 0.31% of Advance Auto Parts worth $7,378,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Eminence Capital LP bought a new stake in Advance Auto Parts in the 4th quarter valued at about $87,214,000. Price T Rowe Associates Inc. MD increased its position in Advance Auto Parts by 34.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company's stock valued at $316,160,000 after buying an additional 1,706,328 shares in the last quarter. Marshall Wace LLP increased its position in Advance Auto Parts by 2,585.1% in the 4th quarter. Marshall Wace LLP now owns 1,353,912 shares of the company's stock valued at $64,026,000 after buying an additional 1,303,488 shares in the last quarter. Pzena Investment Management LLC increased its position in Advance Auto Parts by 31.8% in the 1st quarter. Pzena Investment Management LLC now owns 4,312,508 shares of the company's stock valued at $169,093,000 after buying an additional 1,041,611 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in Advance Auto Parts by 302.5% in the 1st quarter. Federated Hermes Inc. now owns 1,358,764 shares of the company's stock valued at $53,277,000 after buying an additional 1,021,181 shares in the last quarter. 88.75% of the stock is owned by institutional investors.

Advance Auto Parts Stock Down 0.2%

Advance Auto Parts stock traded down $0.10 during trading hours on Monday, hitting $56.74. 824,438 shares of the stock traded hands, compared to its average volume of 2,698,121. The firm's 50-day moving average price is $55.15 and its two-hundred day moving average price is $44.62. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. The company has a market cap of $3.40 billion, a PE ratio of -8.91 and a beta of 1.05. Advance Auto Parts, Inc. has a one year low of $28.89 and a one year high of $70.00.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. The firm had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the business earned $0.75 earnings per share. The business's revenue was down 7.7% on a year-over-year basis. On average, research analysts forecast that Advance Auto Parts, Inc. will post -0.46 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be paid a $0.25 dividend. The ex-dividend date is Friday, October 10th. This represents a $1.00 annualized dividend and a yield of 1.8%. Advance Auto Parts's payout ratio is presently -15.70%.

Analyst Upgrades and Downgrades

AAP has been the subject of a number of research analyst reports. DA Davidson set a $65.00 target price on Advance Auto Parts in a research report on Thursday. Cowen reissued a "hold" rating on shares of Advance Auto Parts in a report on Friday, May 23rd. Wall Street Zen raised Advance Auto Parts from a "sell" rating to a "hold" rating in a report on Saturday. Morgan Stanley boosted their price objective on Advance Auto Parts from $48.00 to $55.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on Advance Auto Parts from $45.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $51.01.

Insider Buying and Selling

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $48.52, for a total value of $45,996.96. Following the sale, the senior vice president owned 9,876 shares in the company, valued at $479,183.52. The trade was a 8.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.67% of the stock is currently owned by insiders.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company 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.