Advance Auto Parts, Inc. (NYSE:AAP) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lifted its position in Advance Auto Parts, Inc. (NYSE:AAP) by 26.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,639 shares of the company’s stock after purchasing an additional 7,100 shares during the period. Wedge Capital Management L L P NC’s holdings in Advance Auto Parts were worth $1,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Annandale Capital LLC raised its position in Advance Auto Parts by 46.6% during the fourth quarter. Annandale Capital LLC now owns 109,241 shares of the company’s stock worth $5,166,000 after acquiring an additional 34,746 shares during the period. Raymond James Financial Inc. acquired a new position in Advance Auto Parts during the fourth quarter worth $8,822,000. Commonwealth Equity Services LLC raised its position in Advance Auto Parts by 97.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 305,622 shares of the company’s stock worth $14,453,000 after acquiring an additional 150,604 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Advance Auto Parts during the fourth quarter worth $34,586,000. Finally, Charles Schwab Investment Management Inc. raised its position in Advance Auto Parts by 18.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 649,919 shares of the company’s stock worth $30,735,000 after acquiring an additional 100,445 shares during the period. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Stock Up 1.7%

Shares of AAP opened at $53.01 on Wednesday. The company’s 50-day simple moving average is $37.65 and its 200-day simple moving average is $41.33. The stock has a market capitalization of $3.18 billion, a PE ratio of 72.62, a P/E/G ratio of 1.98 and a beta of 1.06. Advance Auto Parts, Inc. has a 1 year low of $28.89 and a 1 year high of $67.03. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.59. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The firm’s quarterly revenue was down 24.2% on a year-over-year basis. Analysts forecast that Advance Auto Parts, Inc. will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, July 11th. This represents a $1.00 dividend on an annualized basis and a yield of 1.89%. Advance Auto Parts’s payout ratio is currently -17.04%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AAP shares. Wedbush restated an “outperform” rating and set a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. Morgan Stanley increased their target price on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, May 23rd. Cowen reiterated a “hold” rating on shares of Advance Auto Parts in a research report on Friday, May 23rd. Truist Financial reduced their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Redburn Partners raised shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.01.

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.