Clearbridge Investments LLC increased its position in Advance Auto Parts Inc (NYSE:AAP) by 273.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 457,098 shares of the company’s stock after buying an additional 334,751 shares during the period. Clearbridge Investments LLC owned approximately 0.62% of Advance Auto Parts worth $67,769,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. IFP Advisors Inc raised its position in shares of Advance Auto Parts by 3.2% in the first quarter. IFP Advisors Inc now owns 767 shares of the company’s stock worth $114,000 after buying an additional 24 shares in the last quarter. Van ECK Associates Corp raised its position in Advance Auto Parts by 7.5% in the first quarter. Van ECK Associates Corp now owns 966 shares of the company’s stock valued at $143,000 after buying an additional 67 shares during the period. Global X Management Co. LLC raised its position in Advance Auto Parts by 28.9% in the first quarter. Global X Management Co. LLC now owns 972 shares of the company’s stock valued at $144,000 after buying an additional 218 shares during the period. Harbour Capital Advisors LLC acquired a new position in Advance Auto Parts during the first quarter valued at approximately $148,000. Finally, State of Alaska Department of Revenue acquired a new position in Advance Auto Parts during the first quarter valued at approximately $192,000.
Shares of Advance Auto Parts Inc (AAP) opened at 101.74 on Tuesday. Advance Auto Parts Inc has a 12-month low of $99.13 and a 12-month high of $177.83. The company has a market capitalization of $7.51 billion, a PE ratio of 18.43 and a beta of 0.89. The stock has a 50 day moving average of $132.91 and a 200-day moving average of $151.47.
Advance Auto Parts (NYSE:AAP) last released its earnings results on Wednesday, May 24th. The company reported $1.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.20 by $0.60. Advance Auto Parts had a return on equity of 16.02% and a net margin of 4.31%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the previous year, the company posted $2.51 earnings per share. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. Analysts predict that Advance Auto Parts Inc will post $6.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 23rd were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, June 21st. This represents a $0.24 annualized dividend and a yield of 0.24%. Advance Auto Parts’s dividend payout ratio is currently 4.36%.
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Several research firms have commented on AAP. UBS AG reiterated a “buy” rating and set a $170.00 price objective (down previously from $180.00) on shares of Advance Auto Parts in a research report on Thursday, May 25th. BidaskClub lowered shares of Advance Auto Parts from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. BTIG Research reiterated a “sell” rating and set a $90.00 price objective (down previously from $109.00) on shares of Advance Auto Parts in a research report on Thursday, July 13th. Barclays PLC increased their target price on shares of Advance Auto Parts from $93.00 to $120.00 and gave the company an “underweight” rating in a research note on Thursday, July 6th. Finally, Wedbush reissued an “outperform” rating on shares of Advance Auto Parts in a research note on Thursday, July 6th. Five analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $151.41.
In related news, Director Eugene I. Lee, Jr. purchased 1,895 shares of the company’s stock in a transaction on Friday, May 26th. The shares were bought at an average cost of $132.18 per share, for a total transaction of $250,481.10. Following the completion of the purchase, the director now directly owns 4,398 shares of the company’s stock, valued at approximately $581,327.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Greco purchased 16,000 shares of the company’s stock in a transaction on Friday, May 26th. The stock was bought at an average price of $134.63 per share, for a total transaction of $2,154,080.00. Following the completion of the purchase, the insider now directly owns 111,030 shares of the company’s stock, valued at $14,947,968.90. The disclosure for this purchase can be found here. Insiders acquired 369,462 shares of company stock worth $49,617,073 over the last quarter. 4.50% of the stock is currently owned by insiders.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.
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