Advance Auto Parts, Inc. $AAP Shares Sold by Cove Street Capital LLC

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 first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,436 shares of the company's stock after selling 23,382 shares during the period. Advance Auto Parts accounts for approximately 3.4% of Cove Street Capital LLC's investment portfolio, making the stock its 6th biggest holding. Cove Street Capital LLC owned about 0.09% of Advance Auto Parts worth $2,134,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. 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 valued at $28,000 after purchasing an additional 465 shares during the last quarter. Financial Management Professionals Inc. purchased a new position in shares of Advance Auto Parts in the first quarter worth $49,000. Exchange Traded Concepts LLC lifted its stake in shares of 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 buying an additional 2,140 shares during the period. Quarry LP grew its holdings in shares of Advance Auto Parts by 688.6% during the first quarter. Quarry LP now owns 2,421 shares of the company's stock valued at $95,000 after buying an additional 2,114 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Advance Auto Parts by 69.8% in the 1st quarter. Blue Trust Inc. now owns 2,842 shares of the company's stock valued at $111,000 after acquiring an additional 1,168 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Advance Auto Parts Stock Performance

NYSE AAP traded up $0.53 during mid-day trading on Monday, reaching $60.97. 1,214,463 shares of the stock were exchanged, compared to its average volume of 2,584,887. Advance Auto Parts, Inc. has a 1 year low of $28.89 and a 1 year high of $70.00. 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 50 day moving average is $58.07 and its 200-day moving average is $45.86. The company has a market capitalization of $3.66 billion, a P/E ratio of -9.57 and a beta of 1.06.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. 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 prior year, the company posted $0.75 EPS. The company's revenue for the quarter 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 research analysts forecast that Advance Auto Parts, Inc. will post -0.46 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have commented on AAP. UBS Group set a $65.00 price target on Advance Auto Parts and gave the stock a "neutral" rating in a research report on Tuesday, August 12th. Wells Fargo & Company raised their price objective on Advance Auto Parts from $45.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. DA Davidson set a $65.00 target price on Advance Auto Parts in a research report on Thursday, August 14th. Wall Street Zen upgraded shares of Advance Auto Parts from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Raymond James Financial lifted their price objective on shares of Advance Auto Parts to $49.17 and gave the company a "hold" rating in a research note on Monday, May 26th. One 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $51.78.

Insider Buying and Selling at Advance Auto Parts

In other news, SVP Jason Hand sold 948 shares of the company's stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 9,876 shares of the company's stock, valued at $479,183.52. This represents a 8.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.67% of the stock is currently owned by 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.