Goodman Financial Corp Raises 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 grew its stake in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 3.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,824 shares of the company's stock after acquiring an additional 11,329 shares during the period. Advance Auto Parts accounts for approximately 2.7% of Goodman Financial Corp's holdings, making the stock its 22nd largest position. Goodman Financial Corp owned approximately 0.52% of Advance Auto Parts worth $12,305,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AAP. Hexagon Capital Partners LLC grew its holdings in Advance Auto Parts by 189.0% during the first quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock worth $28,000 after purchasing an additional 465 shares during the period. Advisory Services Network LLC bought a new position in Advance Auto Parts during the fourth quarter worth about $46,000. Financial Management Professionals Inc. bought a new position in Advance Auto Parts during the first quarter worth about $49,000. Exchange Traded Concepts LLC grew its holdings in Advance Auto Parts by 1,258.8% during the first quarter. Exchange Traded Concepts LLC now owns 2,310 shares of the company's stock worth $91,000 after purchasing an additional 2,140 shares during the period. Finally, Blue Trust Inc. grew its holdings in Advance Auto Parts by 69.8% during the first quarter. Blue Trust Inc. now owns 2,842 shares of the company's stock worth $111,000 after purchasing an additional 1,168 shares during the period. Institutional investors own 88.75% of the company's stock.

Advance Auto Parts Trading Up 1.5%

AAP traded up $0.78 during trading on Monday, reaching $53.49. 1,511,289 shares of the stock traded hands, compared to its average volume of 2,702,805. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $3.21 billion, a PE ratio of -9.11 and a beta of 1.05. The stock's 50-day moving average is $53.61 and its 200 day moving average is $43.89. Advance Auto Parts, Inc. has a 12 month low of $28.89 and a 12 month high of $70.00.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.81) by $0.59. The company had revenue of $2.58 billion for the quarter, compared to analysts' expectations 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 business's revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. Equities analysts anticipate that Advance Auto Parts, Inc. will post -0.46 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, July 11th. Advance Auto Parts's dividend payout ratio is currently -17.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. DA Davidson boosted their price objective on Advance Auto Parts from $47.00 to $65.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. The Goldman Sachs Group cut Advance Auto Parts from a "neutral" rating to a "sell" rating and cut their price target for the company from $48.00 to $46.00 in a research note on Tuesday, June 24th. Raymond James Financial boosted their price target on Advance Auto Parts to $49.17 and gave the company a "hold" rating in a research note on Monday, May 26th. Bank of America boosted their price target on Advance Auto Parts from $33.00 to $39.00 and gave the company an "underperform" rating in a research note on Friday, May 23rd. Finally, UBS Group reiterated a "neutral" rating and issued a $50.00 price target (up from $36.00) on shares of Advance Auto Parts in a research note on Friday, May 23rd. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and an average target price of $48.53.

Insider Buying and Selling at Advance Auto Parts

In related news, SVP Jason Hand sold 948 shares of the company's stock in a transaction dated 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. This represents a 8.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.67% of the stock is owned by corporate insiders.

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.