Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Advance Auto Parts, Inc. $AAP

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 5.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 704,231 shares of the company’s stock after buying an additional 36,069 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 1.18% of Advance Auto Parts worth $32,740,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AAP. AMG National Trust Bank grew its holdings in Advance Auto Parts by 38.1% in the first quarter. AMG National Trust Bank now owns 43,615 shares of the company’s stock valued at $1,710,000 after purchasing an additional 12,040 shares during the last quarter. Gainplan LLC purchased a new stake in shares of Advance Auto Parts in the 2nd quarter worth about $700,000. Pzena Investment Management LLC grew its stake in Advance Auto Parts by 1.9% in the 2nd quarter. Pzena Investment Management LLC now owns 4,394,964 shares of the company’s stock valued at $204,322,000 after acquiring an additional 82,456 shares during the last quarter. Raymond James Financial Inc. increased its holdings in Advance Auto Parts by 13.0% during the 1st quarter. Raymond James Financial Inc. now owns 210,886 shares of the company’s stock valued at $8,269,000 after acquiring an additional 24,342 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Advance Auto Parts by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,741,701 shares of the company’s stock valued at $107,500,000 after acquiring an additional 13,412 shares in the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on AAP shares. Mizuho increased their price target on shares of Advance Auto Parts from $44.00 to $54.00 and gave the company a “neutral” rating in a research report on Friday, August 29th. Morgan Stanley lowered their target price on Advance Auto Parts from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Friday, October 31st. Wall Street Zen raised Advance Auto Parts from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Citigroup reduced their price objective on Advance Auto Parts from $60.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, October 31st. Finally, Argus reiterated a “hold” rating and set a $60.52 price objective on shares of Advance Auto Parts in a research report on Friday, August 29th. One analyst has rated the stock with a Buy rating, twenty have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Advance Auto Parts currently has an average rating of “Reduce” and a consensus price target of $51.78.

Advance Auto Parts Trading Up 2.6%

NYSE AAP opened at $48.72 on Monday. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -7.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. Advance Auto Parts, Inc. has a one year low of $28.89 and a one year high of $70.00. The company’s 50 day moving average price is $56.85 and its 200 day moving average price is $52.42.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.18. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Advance Auto Parts has set its FY 2025 guidance at 1.750-1.850 EPS. On average, sell-side analysts predict that Advance Auto Parts, Inc. will post -0.46 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Friday, January 9th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, January 9th. Advance Auto Parts’s payout ratio is currently -15.90%.

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.