abrdn plc boosted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 5.6% in the second quarter, HoldingsChannel reports. The fund owned 34,947 shares of the company’s stock after buying an additional 1,853 shares during the quarter. abrdn plc’s holdings in Advance Auto Parts were worth $7,170,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in AAP. Allred Capital Management LLC acquired a new stake in Advance Auto Parts during the 1st quarter worth about $31,000. O Shaughnessy Asset Management LLC boosted its position in Advance Auto Parts by 59.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 186 shares of the company’s stock worth $34,000 after acquiring an additional 69 shares during the period. WealthShield Partners LLC boosted its position in Advance Auto Parts by 39.2% during the 2nd quarter. WealthShield Partners LLC now owns 174 shares of the company’s stock worth $36,000 after acquiring an additional 49 shares during the period. IFP Advisors Inc lifted its holdings in shares of Advance Auto Parts by 182.8% during the 2nd quarter. IFP Advisors Inc now owns 181 shares of the company’s stock valued at $37,000 after buying an additional 117 shares during the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of Advance Auto Parts during the 2nd quarter valued at about $57,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.
AAP has been the subject of several research reports. Argus lifted their price target on Advance Auto Parts from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. Morgan Stanley lowered Advance Auto Parts from an “overweight” rating to an “equal weight” rating in a report on Friday, August 27th. Citigroup lifted their price target on Advance Auto Parts from $248.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, August 25th. Raymond James upgraded Advance Auto Parts from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $215.00 to $250.00 in a report on Tuesday, July 27th. Finally, lifted their price target on Advance Auto Parts from $228.00 to $232.00 and gave the company a “buy” rating in a report on Thursday, June 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $214.16.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Monday, August 23rd. The company reported $3.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.04 by $0.36. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.65 billion. Advance Auto Parts had a return on equity of 21.64% and a net margin of 5.73%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.92 EPS. Sell-side analysts expect that Advance Auto Parts, Inc. will post 11.34 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 17th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, September 16th. Advance Auto Parts’s dividend payout ratio is currently 47.00%.
In other Advance Auto Parts news, EVP Robert B. Cushing sold 3,500 shares of Advance Auto Parts stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $202.15, for a total value of $707,525.00. Following the transaction, the executive vice president now directly owns 15,752 shares of the company’s stock, valued at approximately $3,184,266.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.
About Advance Auto Parts
Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Northern Division, Southern Division, Carquest Canada, Independents and Worldpac. Advance Auto Parts offers replacement parts, performance parts, accessories, oil and fluids, engine parts, brakes, batteries, accessories, and tools and garage.
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