Wedge Capital Management L L P NC Buys 5,894 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Wedge Capital Management L L P NC increased its stake in Advance Auto Parts, Inc. (NYSE:AAP) by 28.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,539 shares of the company’s stock after buying an additional 5,894 shares during the period. Wedge Capital Management L L P NC’s holdings in Advance Auto Parts were worth $1,035,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AAP. Third Point LLC bought a new position in Advance Auto Parts in the first quarter worth about $127,234,000. Dorsal Capital Management LP increased its stake in shares of Advance Auto Parts by 159.7% during the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after purchasing an additional 768,664 shares in the last quarter. Capital World Investors increased its stake in shares of Advance Auto Parts by 67.0% during the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after purchasing an additional 615,674 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Advance Auto Parts by 76.2% during 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, Anchor Capital Advisors LLC bought a new position in shares of Advance Auto Parts during the first quarter valued at approximately $34,332,000. 88.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AAP shares. Truist Financial decreased their target price 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. Evercore ISI decreased their target price on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a research note on Friday, August 23rd. Wedbush raised shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 target price for the company in a research note on Tuesday. Mizuho reaffirmed a “neutral” rating and set a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. Finally, Wells Fargo & Company reduced 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 research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Advance Auto Parts has an average rating of “Hold” and an average target price of $55.36.

Advance Auto Parts Trading Down 2.2 %

Shares of AAP stock opened at $38.60 on Thursday. Advance Auto Parts, Inc. has a 12-month low of $36.40 and a 12-month high of $88.56. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The firm’s 50 day moving average is $45.67 and its 200 day moving average is $60.32. The stock has a market capitalization of $2.30 billion, a P/E ratio of 55.94, a P/E/G ratio of 1.25 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (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 company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the business posted $1.43 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Research analysts expect that Advance Auto Parts, Inc. will post 2.19 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s dividend payout ratio 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.