Advance Auto Parts (NYSE:AAP) Shares Up 3.2% – Here’s Why

Advance Auto Parts, Inc. (NYSE:AAP)’s share price rose 3.2% during mid-day trading on Thursday . The stock traded as high as $38.37 and last traded at $38.12. Approximately 578,957 shares were traded during trading, a decline of 73% from the average daily volume of 2,105,495 shares. The stock had previously closed at $36.92.

Wall Street Analysts Forecast Growth

AAP has been the subject of several recent research reports. Wells Fargo & Company raised their target price on shares of Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Evercore ISI dropped their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 11th. Truist Financial dropped their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada dropped their price target on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Finally, Barclays dropped their price target on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.13.

Advance Auto Parts Trading Down 0.6 %

The company’s 50-day moving average price is $43.12 and its 200-day moving average price is $41.92. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 51.27, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.67%. Advance Auto Parts’s payout ratio is presently -17.86%.

Insider Buying and Selling

In other Advance Auto Parts news, CEO Shane M. Okelly purchased 1,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the completion of the transaction, the chief executive officer now owns 183,121 shares of the company’s stock, valued at $6,737,021.59. The trade was a 0.83 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eugene I. Lee, Jr. purchased 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the transaction, the director now directly owns 34,070 shares of the company’s stock, valued at $1,163,490.50. The trade was a 75.35 % increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors have recently bought and sold shares of AAP. Victory Capital Management Inc. raised its stake in Advance Auto Parts by 24.9% during the third quarter. Victory Capital Management Inc. now owns 56,016 shares of the company’s stock worth $2,184,000 after purchasing an additional 11,183 shares during the period. KBC Group NV raised its stake in Advance Auto Parts by 29.1% during the third quarter. KBC Group NV now owns 1,749 shares of the company’s stock worth $68,000 after purchasing an additional 394 shares during the period. Quest Partners LLC purchased a new position in Advance Auto Parts during the third quarter worth about $579,000. Commerce Bank raised its stake in Advance Auto Parts by 304.1% during the third quarter. Commerce Bank now owns 14,648 shares of the company’s stock worth $571,000 after purchasing an additional 11,023 shares during the period. Finally, Studio Investment Management LLC raised its stake in Advance Auto Parts by 41.4% during the third quarter. Studio Investment Management LLC now owns 5,207 shares of the company’s stock worth $203,000 after purchasing an additional 1,524 shares during the period. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.