Bank of America Corp DE reduced its stake in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 998,102 shares of the company’s stock after selling 1,391 shares during the quarter. Bank of America Corp DE owned about 1.65% of Advance Auto Parts worth $206,567,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of AAP. River Road Asset Management LLC raised its holdings in Advance Auto Parts by 62.0% in the 1st quarter. River Road Asset Management LLC now owns 1,055,464 shares of the company’s stock valued at $218,439,000 after acquiring an additional 404,138 shares during the period. JPMorgan Chase & Co. grew its position in shares of Advance Auto Parts by 14.3% during the 1st quarter. JPMorgan Chase & Co. now owns 2,153,331 shares of the company’s stock worth $445,652,000 after purchasing an additional 269,514 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Advance Auto Parts by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock worth $1,442,611,000 after purchasing an additional 261,715 shares in the last quarter. Ardevora Asset Management LLP acquired a new position in shares of Advance Auto Parts during the 1st quarter worth approximately $54,161,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Advance Auto Parts by 202.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 390,826 shares of the company’s stock worth $80,885,000 after purchasing an additional 261,608 shares in the last quarter. 99.47% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have issued reports on AAP. The Goldman Sachs Group restated a “buy” rating and set a $219.00 target price on shares of Advance Auto Parts in a research report on Thursday, August 25th. Morgan Stanley reduced their price target on shares of Advance Auto Parts from $225.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 25th. Wedbush reduced their price target on shares of Advance Auto Parts from $215.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 24th. Truist Financial reduced their price target on shares of Advance Auto Parts from $238.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Finally, Stephens reduced their price target on shares of Advance Auto Parts from $246.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 25th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.56.
Advance Auto Parts Price Performance
Advance Auto Parts (NYSE:AAP – Get Rating) last released its quarterly earnings results on Tuesday, August 23rd. The company reported $3.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.76 by ($0.02). Advance Auto Parts had a net margin of 4.84% and a return on equity of 25.99%. During the same quarter in the prior year, the company posted $3.40 EPS. As a group, equities analysts expect that Advance Auto Parts, Inc. will post 13.01 EPS for the current year.
Advance Auto Parts Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Thursday, September 15th. Advance Auto Parts’s payout ratio is currently 69.61%.
Advance Auto Parts 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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