Quinn Opportunity Partners LLC Sells 34,075 Shares of Advance Auto Parts, Inc. $AAP

Quinn Opportunity Partners LLC trimmed its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 18.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 154,668 shares of the company’s stock after selling 34,075 shares during the period. Quinn Opportunity Partners LLC’s holdings in Advance Auto Parts were worth $7,191,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of AAP. Pzena Investment Management LLC raised its position in Advance Auto Parts by 31.8% during the first quarter. Pzena Investment Management LLC now owns 4,312,508 shares of the company’s stock worth $169,093,000 after acquiring an additional 1,041,611 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Advance Auto Parts by 302.5% during the first quarter. Federated Hermes Inc. now owns 1,358,764 shares of the company’s stock worth $53,277,000 after acquiring an additional 1,021,181 shares during the period. Invenomic Capital Management LP grew its position in shares of Advance Auto Parts by 281.2% in the first quarter. Invenomic Capital Management LP now owns 600,895 shares of the company’s stock valued at $23,561,000 after purchasing an additional 443,251 shares during the last quarter. Jump Financial LLC acquired a new stake in Advance Auto Parts during the 1st quarter worth approximately $15,882,000. Finally, Estuary Capital Management LP grew its holdings in Advance Auto Parts by 31.7% in the 1st quarter. Estuary Capital Management LP now owns 1,258,270 shares of the company’s stock valued at $49,337,000 after buying an additional 303,153 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Advance Auto Parts Price Performance

NYSE AAP opened at $51.04 on Wednesday. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68. The company has a market cap of $3.06 billion, a PE ratio of -8.01 and a beta of 1.06. Advance Auto Parts, Inc. has a 52 week low of $28.89 and a 52 week high of $70.00. The firm’s 50-day simple moving average is $56.41 and its two-hundred day simple moving average is $52.66.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.18. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. Advance Auto Parts has set its FY 2025 guidance at 1.750-1.850 EPS. Research analysts predict that Advance Auto Parts, Inc. will post -0.46 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, January 23rd. Shareholders of record on Friday, January 9th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, January 9th. This represents a $1.00 annualized dividend and a yield of 2.0%. Advance Auto Parts’s payout ratio is currently -15.90%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AAP. Roth Capital reissued a “neutral” rating and set a $55.00 price target (up previously from $50.00) on shares of Advance Auto Parts in a research report on Monday, October 27th. Morgan Stanley cut their target price on shares of Advance Auto Parts from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Friday, October 31st. JPMorgan Chase & Co. raised their price objective on shares of Advance Auto Parts from $44.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Mizuho increased their price target on Advance Auto Parts from $44.00 to $54.00 and gave the company a “neutral” rating in a research note on Friday, August 29th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 price target on shares of Advance Auto Parts in a research report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, twenty have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $51.78.

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.