Dorsal Capital Management LP Buys 768,664 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Dorsal Capital Management LP raised its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 159.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,250,000 shares of the company’s stock after purchasing an additional 768,664 shares during the quarter. Advance Auto Parts accounts for about 2.7% of Dorsal Capital Management LP’s investment portfolio, making the stock its 16th biggest position. Dorsal Capital Management LP’s holdings in Advance Auto Parts were worth $79,162,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in Advance Auto Parts by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock valued at $340,268,000 after acquiring an additional 40,669 shares during the period. Capital World Investors grew its holdings in shares of Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after purchasing an additional 615,674 shares in the last quarter. Third Point LLC bought a new stake in shares of Advance Auto Parts during the first quarter valued at approximately $127,234,000. Dimensional Fund Advisors LP raised its stake in shares of Advance Auto Parts by 76.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after purchasing an additional 547,696 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Advance Auto Parts by 3.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,014,639 shares of the company’s stock worth $86,336,000 after purchasing an additional 32,426 shares during the period. Institutional investors and hedge funds own 88.75% of the company’s stock.

Advance Auto Parts Stock Down 3.2 %

Shares of NYSE:AAP opened at $39.60 on Thursday. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.36 billion, a P/E ratio of 57.39, a P/E/G ratio of 1.32 and a beta of 1.17. Advance Auto Parts, Inc. has a 12 month low of $37.51 and a 12 month high of $88.56. The company’s 50-day moving average price is $51.76 and its two-hundred day moving average price is $64.80.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same period last year, the company earned $1.43 earnings per share. Advance Auto Parts’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, research analysts forecast that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.53%. Advance Auto Parts’s payout ratio is currently 144.93%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AAP shares. Royal Bank of Canada lowered their price target on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating on the stock in a report on Thursday, May 30th. StockNews.com raised shares of Advance Auto Parts from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. Truist Financial cut their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Wells Fargo & Company lowered their price objective on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. cut their target price on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating and fourteen have given a hold rating to the stock. Based on data from MarketBeat.com, Advance Auto Parts currently has an average rating of “Hold” and an average target price of $56.54.

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.