Advance Auto Parts, Inc. (NYSE:AAP) is Legion Partners Asset Management LLC's 7th Largest Position

Legion Partners Asset Management LLC decreased its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 800,750 shares of the company's stock after selling 22,000 shares during the period. Advance Auto Parts accounts for approximately 0.0% of Legion Partners Asset Management LLC's holdings, making the stock its 7th biggest holding. Legion Partners Asset Management LLC owned about 1.34% of Advance Auto Parts worth $38,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Allworth Financial LP increased its holdings in Advance Auto Parts by 1,543.4% in the fourth quarter. Allworth Financial LP now owns 871 shares of the company's stock valued at $40,000 after purchasing an additional 818 shares during the last quarter. Vision Financial Markets LLC acquired a new stake in Advance Auto Parts in the 4th quarter valued at $42,000. Advisory Services Network LLC acquired a new position in Advance Auto Parts during the fourth quarter valued at approximately $46,000. GAMMA Investing LLC boosted its holdings in shares of Advance Auto Parts by 198.3% in the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company's stock valued at $74,000 after buying an additional 1,047 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Advance Auto Parts by 38.9% during the 4th quarter. Blue Trust Inc. now owns 1,674 shares of the company's stock worth $79,000 after purchasing an additional 469 shares during the last quarter. 88.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on AAP shares. BMO Capital Markets cut their price objective on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. Truist Financial reduced their price objective on shares of 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. Evercore ISI reduced their price objective on Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating for the company in a report on Tuesday, March 11th. Citigroup lowered their target price on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Finally, Royal Bank of Canada reduced their price target on Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $45.13.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $34.15 per share, with a total value of $499,956.00. Following the transaction, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shane M. Okelly purchased 1,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following 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 disclosure for this purchase can be found here. 0.35% of the stock is owned by corporate insiders.

Advance Auto Parts Price Performance

Shares of AAP traded up $1.70 during mid-day trading on Thursday, reaching $34.42. The company had a trading volume of 2,032,584 shares, compared to its average volume of 2,269,014. Advance Auto Parts, Inc. has a 1-year low of $28.89 and a 1-year high of $77.13. The company's 50 day simple moving average is $34.52 and its 200 day simple moving average is $40.30. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 47.15, a P/E/G ratio of 1.98 and a beta of 0.93.

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.