AQR Capital Management LLC Acquires 79,298 Shares of Advance Auto Parts, Inc. $AAP

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 holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 549,107 shares of the company's stock after acquiring an additional 79,298 shares during the quarter. AQR Capital Management LLC owned approximately 0.92% of Advance Auto Parts worth $21,344,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in shares of Advance Auto Parts by 189.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock valued at $28,000 after buying an additional 465 shares during the last quarter. Financial Management Professionals Inc. purchased a new stake in Advance Auto Parts in the 1st quarter worth about $49,000. Exchange Traded Concepts LLC increased its holdings in Advance Auto Parts by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,310 shares of the company's stock worth $91,000 after acquiring an additional 2,140 shares during the last quarter. Quarry LP increased its holdings in Advance Auto Parts by 688.6% in the 1st quarter. Quarry LP now owns 2,421 shares of the company's stock worth $95,000 after acquiring an additional 2,114 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Advance Auto Parts by 69.8% in the 1st quarter. Blue Trust Inc. now owns 2,842 shares of the company's stock worth $111,000 after acquiring an additional 1,168 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AAP has been the subject of several recent research reports. Citigroup set a $60.00 price objective on Advance Auto Parts in a report on Thursday, August 14th. Redburn Atlantic raised Advance Auto Parts from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $28.00 to $45.00 in a report on Tuesday, June 3rd. DA Davidson set a $65.00 price objective on Advance Auto Parts in a report on Thursday, August 14th. Redburn Partners raised Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 price objective for the company in a report on Tuesday, June 3rd. Finally, UBS Group set a $65.00 price objective on Advance Auto Parts and gave the stock a "neutral" rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of "Reduce" and an average target price of $52.03.

Advance Auto Parts Stock Performance

Shares of NYSE:AAP traded down $1.10 during midday trading on Friday, reaching $61.10. 1,520,412 shares of the company traded hands, compared to its average volume of 1,345,379. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68. Advance Auto Parts, Inc. has a 12 month low of $28.89 and a 12 month high of $70.00. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of -9.59 and a beta of 1.06. The firm's fifty day moving average price is $59.18 and its two-hundred day moving average price is $46.47.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating 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 company 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 posted $0.75 EPS. The firm'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. On average, equities analysts expect 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 will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, October 10th. Advance Auto Parts's dividend payout ratio is currently -15.70%.

Insiders Place Their Bets

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