Cove Street Capital LLC Has $2.13 Million Stock Position in Advance Auto Parts, Inc. $AAP

Key Points

• Cove Street Capital LLC reduced its position in Advance Auto Parts, Inc. by 30.0%, now holding 54,436 shares valued at approximately $2.13 million.
• Advance Auto Parts reported quarterly earnings of $0.69 EPS, exceeding analysts' expectations of $0.59, although revenue fell 7.7% year-over-year.
• The company recently declared a quarterly dividend of $0.25 per share, with an annual yield of 1.7%, set to be paid on October 24th.

Cove Street Capital LLC cut its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 30.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,436 shares of the company's stock after selling 23,382 shares during the quarter. Advance Auto Parts makes up approximately 3.4% of Cove Street Capital LLC's portfolio, making the stock its 6th largest holding. Cove Street Capital LLC owned 0.09% of Advance Auto Parts worth $2,134,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AAP. Central Pacific Bank Trust Division grew its holdings in shares of Advance Auto Parts by 10.0% in the first quarter. Central Pacific Bank Trust Division now owns 3,300 shares of the company's stock worth $129,000 after purchasing an additional 300 shares during the last quarter. Sovran Advisors LLC boosted its holdings in Advance Auto Parts by 4.3% in the first quarter. Sovran Advisors LLC now owns 7,822 shares of the company's stock valued at $307,000 after acquiring an additional 322 shares in the last quarter. Studio Investment Management LLC boosted its holdings in Advance Auto Parts by 6.7% in the fourth quarter. Studio Investment Management LLC now owns 5,557 shares of the company's stock valued at $263,000 after acquiring an additional 350 shares in the last quarter. Investors Research Corp boosted its holdings in Advance Auto Parts by 7.1% in the first quarter. Investors Research Corp now owns 5,625 shares of the company's stock valued at $221,000 after acquiring an additional 375 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its holdings in Advance Auto Parts by 189.0% in the first quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock valued at $28,000 after acquiring an additional 465 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AAP has been the subject of several research analyst reports. Redburn Partners raised shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 target price for the company in a research report on Tuesday, June 3rd. Wells Fargo & Company raised their target price on shares of Advance Auto Parts from $45.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Raymond James Financial raised their target price on shares of Advance Auto Parts to $49.17 and gave the stock a "hold" rating in a research report on Monday, May 26th. Bank of America raised their target price on shares of Advance Auto Parts from $33.00 to $39.00 and gave the stock an "underperform" rating in a research report on Friday, May 23rd. Finally, UBS Group set a $65.00 target price on shares of Advance Auto Parts and gave the company 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. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $51.78.

Insider Activity

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the business's 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 completion of the sale, the senior vice president directly owned 9,876 shares in the company, valued at $479,183.52. The trade was a 8.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.

Advance Auto Parts Stock Performance

NYSE:AAP traded down $2.46 during mid-day trading on Tuesday, reaching $58.54. The company's stock had a trading volume of 670,272 shares, compared to its average volume of 2,573,509. Advance Auto Parts, Inc. has a 12-month low of $28.89 and a 12-month high of $70.00. The firm's fifty day moving average price is $58.36 and its two-hundred day moving average price is $45.99. 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 cap of $3.51 billion, a P/E ratio of -9.19 and a beta of 1.06.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported $0.69 earnings per share 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 during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm earned $0.75 EPS. Advance Auto Parts's revenue was down 7.7% on a year-over-year basis. Advance Auto Parts has set its FY 2025 guidance at 1.200-2.20 EPS. On average, equities analysts forecast that Advance Auto Parts, Inc. will post -0.46 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 10th. Advance Auto Parts's payout ratio is currently -15.70%.

Advance Auto Parts 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.