Advance Auto Parts, Inc. (NYSE:AAP) Stake Lifted by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 108.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 92,883 shares of the company’s stock after acquiring an additional 48,328 shares during the period. Envestnet Asset Management Inc. owned 0.16% of Advance Auto Parts worth $5,882,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BW Gestao de Investimentos Ltda. acquired a new position in shares of Advance Auto Parts during the 2nd quarter valued at $7,916,000. Private Advisor Group LLC bought a new position in shares of Advance Auto Parts in the first quarter valued at $1,172,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Advance Auto Parts by 24.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock valued at $6,555,000 after buying an additional 15,093 shares in the last quarter. Bleakley Financial Group LLC acquired a new position in shares of Advance Auto Parts in the 1st quarter valued at $207,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Advance Auto Parts in the first quarter worth approximately $34,000. 88.75% of the stock is owned by institutional investors and hedge funds.

Advance Auto Parts Stock Up 2.9 %

Shares of NYSE AAP opened at $41.38 on Monday. The company has a 50 day simple moving average of $50.97 and a 200 day simple moving average of $64.18. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. Advance Auto Parts, Inc. has a 1 year low of $37.51 and a 1 year high of $88.56. The firm has a market cap of $2.47 billion, a PE ratio of 59.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business earned $1.43 earnings per share. Advance Auto Parts’s revenue was down .1% compared to the same quarter last year. On average, research analysts forecast that Advance Auto Parts, Inc. will post 2.19 EPS for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s payout ratio is 144.93%.

Analyst Upgrades and Downgrades

AAP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of 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. Truist Financial reduced their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Wells Fargo & Company cut their price objective on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. TD Cowen decreased their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. Finally, Mizuho reaffirmed 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 equities 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 presently has an average rating of “Hold” and an average price target 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.