Pzena Investment Management LLC Purchases 1,041,611 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Pzena Investment Management LLC grew its stake in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 31.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,312,508 shares of the company's stock after purchasing an additional 1,041,611 shares during the period. Pzena Investment Management LLC owned about 7.21% of Advance Auto Parts worth $169,093,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC grew its position in 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 purchasing an additional 465 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Advance Auto Parts in the 4th quarter worth $46,000. Financial Management Professionals Inc. acquired a new stake in Advance Auto Parts in the 1st quarter worth $49,000. Exchange Traded Concepts LLC boosted its position in shares of Advance Auto Parts by 1,258.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,310 shares of the company's stock valued at $91,000 after acquiring an additional 2,140 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Advance Auto Parts by 69.8% during 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 in the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Stock Up 0.1%

Shares of Advance Auto Parts stock traded up $0.07 on Friday, hitting $61.15. The company had a trading volume of 1,448,321 shares, compared to its average volume of 2,619,548. Advance Auto Parts, Inc. has a twelve month low of $28.89 and a twelve month high of $64.84. The stock has a 50-day moving average of $48.55 and a 200-day moving average of $42.94. The firm has a market capitalization of $3.66 billion, a P/E ratio of -10.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.27 and a quick ratio of 0.49.

Advance Auto Parts (NYSE:AAP - Get Free Report) last announced its earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.59. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The business had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The firm's revenue was down 24.2% on a year-over-year basis. Research analysts predict 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, July 25th. Investors of record on Friday, July 11th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Friday, July 11th. Advance Auto Parts's payout ratio is -17.04%.

Insider Buying and Selling

In related news, SVP Jason Hand sold 948 shares of the stock in a transaction on Friday, June 20th. The shares were 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 owned 9,876 shares in the company, valued at approximately $479,183.52. This represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.35% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on AAP. Redburn Partners upgraded shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 target price on the stock in a research report on Tuesday, June 3rd. Morgan Stanley boosted their price target on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. DA Davidson boosted their price target on shares of Advance Auto Parts from $45.00 to $47.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Wells Fargo & Company set a $35.00 price target on shares of Advance Auto Parts and gave the company an "equal weight" rating in a research report on Monday, May 19th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $50.00 price target (up from $40.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $46.53.

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.