Bank of New York Mellon Corp Reduces Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Bank of New York Mellon Corp reduced its stake in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,809 shares of the company's stock after selling 6,680 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Advance Auto Parts worth $14,187,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new stake in Advance Auto Parts during the fourth quarter worth about $46,000. Financial Management Professionals Inc. bought a new stake in Advance Auto Parts during the first quarter worth about $49,000. Exchange Traded Concepts LLC raised 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 acquiring an additional 2,140 shares in the last quarter. Blue Trust Inc. raised 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 acquiring an additional 1,168 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its holdings in Advance Auto Parts by 10.0% during the first quarter. Central Pacific Bank Trust Division now owns 3,300 shares of the company's stock worth $129,000 after acquiring an additional 300 shares in the last quarter. 88.75% of the stock is owned by institutional investors.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the firm'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 completion of the sale, the senior vice president owned 9,876 shares in the company, valued at approximately $479,183.52. This trade represents a 8.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.67% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AAP. Morgan Stanley lifted their price objective 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. Roth Capital set a $50.00 price objective on shares of Advance Auto Parts and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Raymond James Financial upped their price target on shares of Advance Auto Parts to $49.17 and gave the stock a "hold" rating in a report on Monday, May 26th. Wells Fargo & Company set a $35.00 price objective on Advance Auto Parts and gave the stock an "equal weight" rating in a report on Monday, May 19th. Finally, Redburn Atlantic raised shares of 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. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Advance Auto Parts currently has an average rating of "Hold" and a consensus target price of $46.53.

Advance Auto Parts Stock Performance

Shares of AAP traded up $1.69 during midday trading on Monday, hitting $62.82. 2,007,339 shares of the stock traded hands, compared to its average volume of 2,627,776. Advance Auto Parts, Inc. has a 1-year low of $28.89 and a 1-year high of $64.58. The business's 50 day moving average price is $49.15 and its two-hundred day moving average price is $42.97. 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 firm has a market capitalization of $3.76 billion, a PE ratio of -10.70 and a beta of 1.04.

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

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $1.00 annualized dividend and a yield of 1.59%. Advance Auto Parts's dividend payout ratio is currently -17.04%.

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.