Victory Capital Management Inc. Has $433,000 Position in Advance Auto Parts, Inc. (NYSE:AAP)

Key Points

• Victory Capital Management Inc. has significantly reduced its stake in Advance Auto Parts, Inc. by 79.8%, selling 43,742 shares in the 1st quarter, leaving it with 11,044 shares valued at approximately $433,000.
• Institutional ownership of Advance Auto Parts is high at 88.75%, with several institutional investors making substantial investments in the last quarter.
• Advance Auto Parts reported a quarterly loss with an EPS of ($0.22), yet exceeded analysts' expectations, and its revenue of $2.58 billion also surpassed projections.

Victory Capital Management Inc. decreased its position in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 79.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,044 shares of the company's stock after selling 43,742 shares during the period. Victory Capital Management Inc.'s holdings in Advance Auto Parts were worth $433,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. New York State Common Retirement Fund lifted its holdings in shares of Advance Auto Parts by 22.2% during the first quarter. New York State Common Retirement Fund now owns 46,558 shares of the company's stock worth $1,826,000 after purchasing an additional 8,452 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Advance Auto Parts by 22.3% during the first quarter. Nisa Investment Advisors LLC now owns 24,088 shares of the company's stock worth $944,000 after purchasing an additional 4,399 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of Advance Auto Parts by 6.4% during the first quarter. Stratos Wealth Partners LTD. now owns 9,811 shares of the company's stock worth $385,000 after purchasing an additional 588 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Advance Auto Parts by 189.0% during the first 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 period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Advance Auto Parts by 2.4% during the first quarter. Principal Financial Group Inc. now owns 294,537 shares of the company's stock worth $11,549,000 after purchasing an additional 6,805 shares during the period. Institutional investors and hedge funds own 88.75% of the company's stock.

Insider Buying and Selling at Advance Auto Parts

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 value 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 approximately $479,183.52. The trade was a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is currently owned by insiders.

Advance Auto Parts Price Performance

AAP traded down $0.41 during trading on Friday, hitting $52.66. The company's stock had a trading volume of 1,908,553 shares, compared to its average volume of 2,634,204. The firm's 50 day moving average price is $53.61 and its two-hundred day moving average price is $43.89. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68. Advance Auto Parts, Inc. has a 12 month low of $28.89 and a 12 month high of $70.00. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -8.97 and a beta of 1.05.

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

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 11th were given a dividend of $0.25 per share. The ex-dividend date was Friday, July 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. Advance Auto Parts's payout ratio is presently -17.04%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AAP. Wells Fargo & Company set a $35.00 price target on shares of Advance Auto Parts and gave the stock an "equal weight" rating in a report on Monday, May 19th. Wall Street Zen downgraded shares of Advance Auto Parts from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Mizuho lifted their target price on shares of Advance Auto Parts from $38.00 to $44.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. Morgan Stanley lifted their target price on shares of Advance Auto Parts from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Finally, Bank of America lifted 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 note on Friday, May 23rd. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $48.53.

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.