Goodman Financial Corp Raises Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Key Points

• Goodman Financial Corp increased its stake in Advance Auto Parts by 3.7%, holding approximately 313,824 shares, which now represent 2.7% of its total portfolio.
• Several brokerages have modified their ratings, with Redburn Atlantic upgrading the stock from "sell" to "neutral" and increasing the price target from $28 to $45.
• Advance Auto Parts reported a quarterly earnings surprise, with an EPS of ($0.22), exceeding expectations of ($0.81), despite revenue down 24.2% year-over-year.

Goodman Financial Corp increased its holdings in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 313,824 shares of the company's stock after acquiring an additional 11,329 shares during the quarter. Advance Auto Parts makes up 2.7% of Goodman Financial Corp's portfolio, making the stock its 22nd biggest position. Goodman Financial Corp owned 0.52% of Advance Auto Parts worth $12,305,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AAP. Eminence Capital LP acquired a new position in Advance Auto Parts during the 4th quarter valued at about $87,214,000. Price T Rowe Associates Inc. MD boosted its stake in Advance Auto Parts by 34.3% during 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 purchasing an additional 1,706,328 shares during the period. Cooper Creek Partners Management LLC acquired a new position in Advance Auto Parts during the 4th quarter valued at about $75,055,000. Marshall Wace LLP boosted its stake in Advance Auto Parts by 2,585.1% during the 4th quarter. Marshall Wace LLP now owns 1,353,912 shares of the company's stock valued at $64,026,000 after purchasing an additional 1,303,488 shares during the period. Finally, Pzena Investment Management LLC lifted its holdings in Advance Auto Parts by 31.8% in the first quarter. Pzena Investment Management LLC now owns 4,312,508 shares of the company's stock worth $169,093,000 after purchasing an additional 1,041,611 shares during the period. Institutional investors and hedge funds own 88.75% of the company's stock.

Advance Auto Parts Trading Down 0.8%

AAP traded down $0.41 during trading on Friday, reaching $52.66. 1,908,553 shares of the company's stock were exchanged, compared to its average volume of 2,538,775. Advance Auto Parts, Inc. has a one year low of $28.89 and a one year high of $70.00. 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 stock has a market capitalization of $3.16 billion, a PE ratio of -8.97 and a beta of 1.04. The firm has a fifty day moving average price of $53.61 and a two-hundred day moving average price of $43.90.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, beating analysts' consensus estimates of ($0.81) by $0.59. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.51 billion. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The company's revenue for the quarter was down 24.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.67 EPS. As a group, equities research analysts forecast that Advance Auto Parts, Inc. will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, July 11th. Advance Auto Parts's dividend payout ratio (DPR) is -17.04%.

Insider Buying and Selling

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $48.52, for a total value of $45,996.96. Following the completion of the sale, the senior vice president owned 9,876 shares of the company's stock, valued at approximately $479,183.52. This trade represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

AAP has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. Wall Street Zen cut shares of Advance Auto Parts from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Redburn Partners raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 target price on the stock in a research note on Tuesday, June 3rd. The Goldman Sachs Group cut shares of Advance Auto Parts from a "neutral" rating to a "sell" rating and lowered their target price for the company from $48.00 to $46.00 in a research note on Tuesday, June 24th. Finally, Redburn Atlantic raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and upped their price target for the company from $28.00 to $45.00 in a report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Advance Auto Parts has a consensus rating of "Hold" and an average price target of $48.53.

Advance Auto Parts Company Profile

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.