AQR Capital Management LLC Raises Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

AQR Capital Management LLC increased its position in Advance Auto Parts, Inc. (NYSE:AAP) by 31.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 233,521 shares of the company’s stock after purchasing an additional 55,226 shares during the period. AQR Capital Management LLC’s holdings in Advance Auto Parts were worth $14,740,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AAP. Hexagon Capital Partners LLC raised its holdings in shares of Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after acquiring an additional 257 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts during the first quarter valued at $34,000. Mather Group LLC. lifted its position in Advance Auto Parts by 1,241.7% during the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after purchasing an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Advance Auto Parts during the second quarter valued at $41,000. Finally, Quarry LP increased its holdings in shares of Advance Auto Parts by 285.7% in the 4th quarter. Quarry LP now owns 702 shares of the company’s stock worth $43,000 after buying an additional 520 shares during the last quarter. 88.75% of the stock is owned by institutional investors.

Advance Auto Parts Trading Down 3.1 %

Shares of AAP opened at $37.77 on Wednesday. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 54.74, a PEG ratio of 1.32 and a beta of 1.17. 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 company has a 50-day moving average of $50.56 and a 200 day moving average of $63.90.

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

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio is 144.93%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AAP. Wells Fargo & Company lowered their price target on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Mizuho reiterated a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Truist Financial decreased their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, TD Cowen reduced their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and fourteen have assigned a hold rating to the company. According to data from MarketBeat, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $56.54.

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.