Central Pacific Bank Trust Division Buys New Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Central Pacific Bank Trust Division purchased a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 3,000 shares of the company’s stock, valued at approximately $117,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AAP. Third Point LLC purchased a new stake in shares of Advance Auto Parts in the first quarter worth about $127,234,000. Dorsal Capital Management LP boosted its position in Advance Auto Parts by 159.7% in the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock worth $79,162,000 after purchasing an additional 768,664 shares in the last quarter. Capital World Investors grew its stake 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 during the period. Dimensional Fund Advisors LP increased its holdings in shares of Advance Auto Parts by 76.2% during the 2nd 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, Anchor Capital Advisors LLC acquired a new position in shares of Advance Auto Parts in the 1st quarter valued at $34,332,000. 88.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on AAP. 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 report on Thursday, September 12th. Wells Fargo & Company cut their price target on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Wedbush reiterated a “neutral” rating and set a $55.00 price target (down previously from $65.00) on shares of Advance Auto Parts in a research report on Friday, August 23rd. Truist Financial cut their price objective on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. Finally, Evercore ISI decreased their target price on Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating on the stock in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and fourteen have assigned a hold rating to the stock. According to MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and an average target price of $56.54.

Advance Auto Parts Trading Down 0.5 %

Shares of Advance Auto Parts stock opened at $38.69 on Friday. Advance Auto Parts, Inc. has a 1-year low of $36.40 and a 1-year high of $88.56. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The stock has a market cap of $2.31 billion, a P/E ratio of 56.07, a P/E/G ratio of 1.32 and a beta of 1.16. The stock’s 50 day simple moving average is $48.82 and its 200-day simple moving average is $62.92.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share 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 analyst estimates of $2.67 billion. During the same period last year, the firm posted $1.43 EPS. The business’s quarterly revenue was down .1% on a year-over-year basis. Analysts predict that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 2.58%. Advance Auto Parts’s dividend payout ratio (DPR) is 144.93%.

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.