Ibex Investors LLC purchased a new stake in Advance Auto Parts, Inc. (NYSE:AAP) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 1,220 shares of the company’s stock, valued at approximately $205,000.
A number of other hedge funds also recently bought and sold shares of the business. Advisor Partners LLC raised its position in Advance Auto Parts by 14.4% in the 3rd quarter. Advisor Partners LLC now owns 2,443 shares of the company’s stock valued at $411,000 after purchasing an additional 307 shares in the last quarter. Penserra Capital Management LLC raised its position in Advance Auto Parts by 16.5% in the 3rd quarter. Penserra Capital Management LLC now owns 2,208 shares of the company’s stock valued at $371,000 after purchasing an additional 312 shares in the last quarter. Janus Henderson Group PLC raised its position in Advance Auto Parts by 1.7% in the 2nd quarter. Janus Henderson Group PLC now owns 20,914 shares of the company’s stock valued at $2,838,000 after purchasing an additional 357 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Advance Auto Parts by 15.2% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,867 shares of the company’s stock valued at $483,000 after purchasing an additional 379 shares in the last quarter. Finally, BB&T Corp raised its position in Advance Auto Parts by 16.7% in the 3rd quarter. BB&T Corp now owns 2,713 shares of the company’s stock valued at $457,000 after purchasing an additional 389 shares in the last quarter. 97.88% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on the company. Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $200.00 price target on the stock in a research report on Thursday. Citigroup increased their price target on Advance Auto Parts from $155.00 to $185.00 and gave the company a “neutral” rating in a research report on Wednesday, November 14th. UBS Group increased their price target on Advance Auto Parts from $190.00 to $215.00 and gave the company a “buy” rating in a research report on Wednesday, November 14th. JPMorgan Chase & Co. increased their price objective on Advance Auto Parts from $220.00 to $222.00 and gave the company an “overweight” rating in a report on Wednesday, November 14th. Finally, Bank of America increased their price objective on Advance Auto Parts from $177.00 to $200.00 and gave the company a “neutral” rating in a report on Wednesday, November 14th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $178.76.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, November 13th. The company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.14. Advance Auto Parts had a return on equity of 13.99% and a net margin of 5.83%. The business had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter in the prior year, the business posted $1.43 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts expect that Advance Auto Parts, Inc. will post 7.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 21st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.14%. Advance Auto Parts’s payout ratio is currently 4.47%.
Advance Auto Parts declared that its board has initiated a share repurchase program on Tuesday, August 14th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Fiona P. Dias sold 1,048 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $177.54, for a total transaction of $186,061.92. Following the transaction, the director now owns 11,693 shares in the company, valued at approximately $2,075,975.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.50% of the company’s stock.
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Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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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