Advance Auto Parts, Inc. $AAP Shares Acquired by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC has increased its stake in Advance Auto Parts by 16.9%, owning 549,107 shares valued at approximately $21.34 million.
• Advance Auto Parts reported $0.69 earnings per share for the last quarter, surpassing analysts' expectations of $0.59, despite a 7.7% decline in year-over-year revenue.
• The company plans to pay a quarterly dividend of $0.25 per share on October 24th, which equates to a 1.6% dividend yield.

AQR Capital Management LLC increased its position in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 16.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 549,107 shares of the company's stock after buying an additional 79,298 shares during the quarter. AQR Capital Management LLC owned about 0.92% of Advance Auto Parts worth $21,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Central Pacific Bank Trust Division raised its position in shares of Advance Auto Parts by 10.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 3,300 shares of the company's stock worth $129,000 after buying an additional 300 shares during the period. Sovran Advisors LLC raised its position in shares of Advance Auto Parts by 4.3% in the 1st quarter. Sovran Advisors LLC now owns 7,822 shares of the company's stock worth $307,000 after buying an additional 322 shares during the period. Studio Investment Management LLC raised its position in shares of Advance Auto Parts by 6.7% in the 4th quarter. Studio Investment Management LLC now owns 5,557 shares of the company's stock worth $263,000 after buying an additional 350 shares during the period. Investors Research Corp raised its position in shares of Advance Auto Parts by 7.1% in the 1st quarter. Investors Research Corp now owns 5,625 shares of the company's stock worth $221,000 after buying an additional 375 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in shares of Advance Auto Parts by 189.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock worth $28,000 after buying an additional 465 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Jason Hand sold 948 shares of Advance Auto Parts stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $48.52, for a total transaction of $45,996.96. Following the sale, the senior vice president directly owned 9,876 shares of the company's stock, valued at approximately $479,183.52. The trade was a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.35% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on AAP shares. Mizuho increased their target price on Advance Auto Parts from $44.00 to $54.00 and gave the stock a "neutral" rating in a research report on Friday, August 29th. Cowen reissued a "hold" rating on shares of Advance Auto Parts in a research report on Friday, May 23rd. Morgan Stanley raised their price objective on Advance Auto Parts from $55.00 to $60.00 and gave the company an "equal weight" rating in a research report on Friday. DA Davidson set a $65.00 price objective on Advance Auto Parts in a research report on Thursday, August 14th. Finally, Truist Financial raised their price objective on Advance Auto Parts from $51.00 to $53.00 and gave the company a "hold" rating in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average target price of $52.03.

Advance Auto Parts Stock Down 1.8%

Shares of NYSE AAP traded down $1.10 during midday trading on Friday, reaching $61.10. 1,520,412 shares of the company's stock were exchanged, compared to its average volume of 1,345,379. Advance Auto Parts, Inc. has a 52-week low of $28.89 and a 52-week high of $70.00. The stock has a market capitalization of $3.67 billion, a PE ratio of -9.59 and a beta of 1.06. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. The business's fifty day moving average price is $59.18 and its two-hundred day moving average price is $46.41.

Advance Auto Parts (NYSE:AAP - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Advance Auto Parts had a negative return on equity of 1.97% and a negative net margin of 4.37%.The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company earned $0.75 earnings per share. The company's revenue for the quarter was down 7.7% compared to the same quarter last year. Advance Auto Parts has set its FY 2025 guidance at 1.200-2.20 EPS. Analysts forecast that Advance Auto Parts, Inc. will post -0.46 EPS for the current year.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 24th. Stockholders of record on Friday, October 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 10th. Advance Auto Parts's payout ratio is presently -15.70%.

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.