Arizona State Retirement System reduced its holdings in Advance Auto Parts, Inc. (NYSE:AAP) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,727 shares of the company’s stock after selling 1,227 shares during the quarter. Arizona State Retirement System owned 0.06% of Advance Auto Parts worth $7,529,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Piedmont Investment Advisors LLC bought a new position in Advance Auto Parts in the 2nd quarter worth about $116,000. Tower Research Capital LLC TRC bought a new position in Advance Auto Parts in the 2nd quarter worth about $117,000. Federated Investors Inc. PA bought a new position in Advance Auto Parts in the 2nd quarter worth about $124,000. First Mercantile Trust Co. bought a new position in Advance Auto Parts in the 2nd quarter worth about $162,000. Finally, Signaturefd LLC increased its stake in Advance Auto Parts by 362.8% in the 2nd quarter. Signaturefd LLC now owns 1,305 shares of the company’s stock worth $177,000 after acquiring an additional 1,023 shares during the last quarter.
In related news, Director Nigel Travis bought 1,250 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The stock was bought at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the acquisition, the director now directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.50% of the company’s stock.
Advance Auto Parts (NYSE:AAP) last issued its earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.11. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. Advance Auto Parts’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.48 EPS. As a group, equities research analysts expect that Advance Auto Parts, Inc. will post 6.97 EPS for the current fiscal year.
Advance Auto Parts announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, August 14th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Several equities analysts have recently commented on AAP shares. Wedbush set a $175.00 price objective on Advance Auto Parts and gave the company a “buy” rating in a research report on Wednesday, August 15th. Zacks Investment Research lowered Advance Auto Parts from a “buy” rating to a “hold” rating in a research report on Monday, August 6th. Stephens reiterated a “hold” rating and set a $130.00 price objective on shares of Advance Auto Parts in a research report on Friday, July 13th. Argus increased their price objective on Advance Auto Parts from $155.00 to $184.00 and gave the company a “buy” rating in a research report on Monday, September 17th. They noted that the move was a valuation call. Finally, Bank of America upgraded Advance Auto Parts from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $123.00 to $177.00 in a research report on Monday, September 17th. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $154.56.
About Advance Auto Parts
Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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.
Recommended Story: What factors cause inflation to rise?
Want to see what other hedge funds are holding AAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Advance Auto Parts, Inc. (NYSE:AAP).
Receive News & Ratings for Advance Auto Parts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advance Auto Parts and related companies with MarketBeat.com's FREE daily email newsletter.