Advance Auto Parts, Inc. (NYSE:AAP) Shares Purchased by Legion Partners Asset Management LLC

Legion Partners Asset Management LLC grew its holdings in Advance Auto Parts, Inc. (NYSE:AAP) by 1.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 786,250 shares of the company’s stock after purchasing an additional 13,300 shares during the quarter. Advance Auto Parts makes up 15.4% of Legion Partners Asset Management LLC’s investment portfolio, making the stock its largest position. Legion Partners Asset Management LLC’s holdings in Advance Auto Parts were worth $49,793,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. BW Gestao de Investimentos Ltda. acquired a new stake in Advance Auto Parts in the 2nd quarter worth approximately $7,916,000. Renaissance Technologies LLC lifted its stake in shares of Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after buying an additional 39,300 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Advance Auto Parts in the first quarter worth $1,172,000. State Board of Administration of Florida Retirement System boosted its holdings in shares of Advance Auto Parts by 24.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock worth $6,555,000 after buying an additional 15,093 shares during the period. Finally, Bleakley Financial Group LLC acquired a new position in Advance Auto Parts in the 1st quarter valued at $207,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AAP. Royal Bank of Canada cut their target price on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a research report on Thursday, May 30th. Bank of America lifted their price objective on Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a research note on Thursday, May 30th. StockNews.com raised Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. Wedbush reiterated a “neutral” rating and set a $55.00 price target (down from $65.00) on shares of Advance Auto Parts in a report on Friday, August 23rd. Finally, Mizuho restated a “neutral” rating and issued a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating and fourteen have given a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.54.

Advance Auto Parts Trading Up 1.6 %

Shares of AAP stock opened at $40.24 on Friday. The company has a market capitalization of $2.40 billion, a P/E ratio of 58.32, 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 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 50-day moving average price of $51.34 and a 200 day moving average price of $64.63.

Advance Auto Parts (NYSE:AAP) last announced its 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 return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the firm earned $1.43 earnings per share. The firm’s revenue was down .1% compared to the same quarter last year. Research analysts forecast that Advance Auto Parts, Inc. will post 2.19 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be paid a $0.25 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.49%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 144.93%.

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.