Advance Auto Parts, Inc. (NYSE:AAP – Get Free Report) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 4,180,000 shares, a drop of 16.9% from the August 15th total of 5,030,000 shares. Approximately 7.1% of the company’s shares are short sold. Based on an average daily trading volume, of 2,770,000 shares, the days-to-cover ratio is presently 1.5 days.
Insider Buying and Selling
In other news, Director Eugene I. Lee, Jr. purchased 8,670 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was purchased at an average price of $57.65 per share, for a total transaction of $499,825.50. Following the completion of the purchase, the director now directly owns 19,430 shares in the company, valued at approximately $1,120,139.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Advance Auto Parts
Institutional investors and hedge funds have recently modified their holdings of the stock. Rehmann Capital Advisory Group acquired a new position in Advance Auto Parts in the 2nd quarter worth about $208,000. CreativeOne Wealth LLC purchased a new position in Advance Auto Parts in the 2nd quarter valued at about $1,323,000. Blueshift Asset Management LLC purchased a new position in shares of Advance Auto Parts in the second quarter valued at approximately $1,855,000. Natixis Advisors L.P. purchased a new position in Advance Auto Parts during the second quarter worth about $2,101,000. Finally, Clearline Capital LP purchased a new stake in shares of Advance Auto Parts in the 2nd quarter valued at approximately $40,014,000. Institutional investors and hedge funds own 88.75% of the company’s stock.
Advance Auto Parts Price Performance
Advance Auto Parts (NYSE:AAP – Get Free Report) last posted its quarterly earnings data on Wednesday, August 23rd. The company reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.23). Advance Auto Parts had a net margin of 3.08% and a return on equity of 17.53%. The business had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the firm earned $3.74 EPS. Advance Auto Parts’s revenue was up .8% compared to the same quarter last year. On average, equities analysts forecast that Advance Auto Parts will post 4.7 EPS for the current year.
Advance Auto Parts Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.67%. Advance Auto Parts’s payout ratio is currently 17.30%.
Analyst Ratings Changes
AAP has been the subject of several research analyst reports. Bank of America downgraded Advance Auto Parts from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $178.00 to $85.00 in a research note on Thursday, June 1st. Northcoast Research assumed coverage on Advance Auto Parts in a report on Wednesday, June 28th. They set a “neutral” rating on the stock. Morgan Stanley decreased their price target on Advance Auto Parts from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Thursday, August 24th. Wells Fargo & Company cut their price objective on Advance Auto Parts from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 1st. Finally, UBS Group decreased their target price on shares of Advance Auto Parts from $132.00 to $75.00 in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Advance Auto Parts has an average rating of “Hold” and an average price target of $94.47.
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.
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