Advance Auto Parts (NYSE:AAP) Trading 3.2% Higher – Here’s What Happened

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price shot up 3.2% on Thursday . The stock traded as high as $38.37 and last traded at $38.12. 578,957 shares traded hands during trading, a decline of 73% from the average session volume of 2,105,495 shares. The stock had previously closed at $36.92.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AAP shares. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Barclays cut their price target on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. Truist Financial decreased their price objective on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Evercore ISI cut their target price on Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 11th. Finally, Royal Bank of Canada decreased their price target on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $45.13.

Advance Auto Parts Stock Up 2.3 %

The business has a 50 day moving average of $43.46 and a two-hundred day moving average of $42.00. The stock has a market capitalization of $2.26 billion, a PE ratio of 51.40, a PEG ratio of 1.98 and a beta of 1.27. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. Advance Auto Parts’s dividend payout ratio (DPR) is currently -17.86%.

Insider Buying and Selling

In other news, CEO Shane M. Okelly acquired 1,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now owns 183,121 shares of the company’s stock, valued at approximately $6,737,021.59. This trade represents a 0.83 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $34.15 per share, with a total value of $499,956.00. Following the acquisition, the director now directly owns 34,070 shares of the company’s stock, valued at approximately $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is owned by company insiders.

Institutional Trading of Advance Auto Parts

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Eminence Capital LP purchased a new stake in Advance Auto Parts in the fourth quarter valued at $87,214,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Advance Auto Parts by 34.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock valued at $316,160,000 after buying an additional 1,706,328 shares during the period. Pzena Investment Management LLC boosted its stake in shares of Advance Auto Parts by 140.3% in the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in Advance Auto Parts during the fourth quarter valued at approximately $75,055,000. Finally, Marshall Wace LLP lifted its holdings in Advance Auto Parts by 2,585.1% in the fourth quarter. Marshall Wace LLP now owns 1,353,912 shares of the company’s stock valued at $64,026,000 after acquiring an additional 1,303,488 shares during the period. Institutional investors and hedge funds own 88.75% of the company’s stock.

Advance Auto Parts Company 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.