Invenomic Capital Management LP Purchases 71,928 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Invenomic Capital Management LP boosted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 83.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 157,644 shares of the company's stock after buying an additional 71,928 shares during the period. Invenomic Capital Management LP owned approximately 0.26% of Advance Auto Parts worth $7,455,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AAP. Jacobs Levy Equity Management Inc. boosted its position in shares of Advance Auto Parts by 49.3% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 38,486 shares of the company's stock valued at $1,820,000 after acquiring an additional 12,700 shares during the last quarter. Focus Partners Wealth lifted its position in Advance Auto Parts by 40.6% during the fourth quarter. Focus Partners Wealth now owns 29,343 shares of the company's stock valued at $1,388,000 after purchasing an additional 8,469 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in Advance Auto Parts by 36.3% in the 4th quarter. Ensign Peak Advisors Inc now owns 26,403 shares of the company's stock worth $1,249,000 after buying an additional 7,035 shares in the last quarter. Estuary Capital Management LP increased its holdings in shares of Advance Auto Parts by 21.4% in the 4th quarter. Estuary Capital Management LP now owns 955,117 shares of the company's stock worth $45,167,000 after buying an additional 168,149 shares during the last quarter. Finally, Eminence Capital LP purchased a new stake in shares of Advance Auto Parts during the 4th quarter valued at $87,214,000. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Advance Auto Parts news, CEO Shane M. Okelly purchased 1,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of Advance Auto Parts stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the acquisition, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This represents a 75.35 % increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AAP. Wedbush reiterated an "outperform" rating and issued a $55.00 target price on shares of Advance Auto Parts in a research report on Monday, March 3rd. BMO Capital Markets reduced their price objective on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Truist Financial dropped their target price on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Citigroup cut their target price on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Finally, Evercore ISI decreased their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating on the stock in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Advance Auto Parts currently has a consensus rating of "Hold" and a consensus price target of $45.13.

Advance Auto Parts Stock Down 1.6 %

Shares of Advance Auto Parts stock opened at $30.90 on Friday. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 1.98 and a beta of 0.93. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. Advance Auto Parts, Inc. has a 1 year low of $28.89 and a 1 year high of $77.49. The company has a 50-day moving average of $34.61 and a 200 day moving average of $40.40.

Advance Auto Parts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 25th. Stockholders of record on Friday, April 11th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 3.24%. Advance Auto Parts's payout ratio is presently -17.86%.

Advance Auto Parts Company 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.

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