Advance Auto Parts, Inc. $AAP Shares Bought by Solas Capital Management LLC

Key Points

• Solas Capital Management LLC increased its holdings in Advance Auto Parts by 20.3% during the first quarter, owning approximately 283,395 shares now valued at $11.1 million.
• Advance Auto Parts recently declared a quarterly dividend of $0.25 per share, contributing to an annualized dividend yield of 1.6%.
• The stock has received a mix of ratings from analysts, with a consensus rating of "Reduce" and an average target price of $51.78.

Solas Capital Management LLC lifted its holdings in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 20.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 283,395 shares of the company's stock after buying an additional 47,911 shares during the quarter. Advance Auto Parts makes up 6.3% of Solas Capital Management LLC's portfolio, making the stock its 6th biggest position. Solas Capital Management LLC owned approximately 0.47% of Advance Auto Parts worth $11,112,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in AAP. Quarry LP grew its position in shares of Advance Auto Parts by 688.6% in the first quarter. Quarry LP now owns 2,421 shares of the company's stock valued at $95,000 after purchasing an additional 2,114 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of Advance Auto Parts by 9.9% in the 1st quarter. Baird Financial Group Inc. now owns 55,267 shares of the company's stock valued at $2,167,000 after buying an additional 4,960 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of Advance Auto Parts by 9.3% during the first quarter. Gamco Investors INC. ET AL now owns 451,925 shares of the company's stock worth $17,720,000 after purchasing an additional 38,500 shares during the period. Keeley Teton Advisors LLC grew its holdings in shares of Advance Auto Parts by 71.1% in the 1st quarter. Keeley Teton Advisors LLC now owns 28,143 shares of the company's stock valued at $1,103,000 after buying an additional 11,697 shares during the period. Finally, Quantitative Investment Management LLC acquired a new position in Advance Auto Parts in the 1st quarter worth $1,132,000. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Truist Financial upped their price target on shares of Advance Auto Parts from $51.00 to $53.00 and gave the company a "hold" rating in a research note on Friday, August 15th. Wells Fargo & Company raised their price target on shares of Advance Auto Parts from $45.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Argus reaffirmed a "hold" rating and issued a $60.52 price target on shares of Advance Auto Parts in a report on Friday, August 29th. Mizuho upped their target price on shares of Advance Auto Parts from $44.00 to $54.00 and gave the stock a "neutral" rating in a report on Friday, August 29th. Finally, The Goldman Sachs Group lowered Advance Auto Parts from a "neutral" rating to a "sell" rating and cut their target price for the stock from $48.00 to $46.00 in a research note on Tuesday, June 24th. One analyst has rated the stock with a Buy rating, eighteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $51.78.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the firm's 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 transaction, the senior vice president directly owned 9,876 shares of the company's stock, valued at approximately $479,183.52. This trade represents a 8.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company's stock.

Advance Auto Parts Stock Down 1.0%

Advance Auto Parts stock traded down $0.59 during mid-day trading on Wednesday, reaching $58.98. 1,372,401 shares of the company were exchanged, compared to its average volume of 1,945,745. Advance Auto Parts, Inc. has a 12-month low of $28.89 and a 12-month 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 firm has a market cap of $3.54 billion, a P/E ratio of -9.26 and a beta of 1.06. The business has a fifty day moving average of $57.51 and a 200 day moving average of $45.65.

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 for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.97 billion. Advance Auto Parts had a negative return on equity of 1.97% and a negative net margin of 4.37%.The company's revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. Advance Auto Parts has set its FY 2025 guidance at 1.200-2.20 EPS. Research analysts anticipate that Advance Auto Parts, Inc. will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

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

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.