ARGA Investment Management LP Acquires 25,100 Shares of Advance Auto Parts Inc (AAP)
ARGA Investment Management LP raised its stake in Advance Auto Parts Inc (NYSE:AAP) by 89.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,300 shares of the company’s stock after buying an additional 25,100 shares during the period. Advance Auto Parts makes up about 0.9% of ARGA Investment Management LP’s portfolio, making the stock its 14th largest position. ARGA Investment Management LP owned approximately 0.07% of Advance Auto Parts worth $6,214,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. Gratus Capital LLC boosted its position in Advance Auto Parts by 3.2% in the second quarter. Gratus Capital LLC now owns 14,578 shares of the company’s stock valued at $1,700,000 after buying an additional 452 shares during the period. Neuberger Berman Group LLC boosted its position in Advance Auto Parts by 6,616.2% in the second quarter. Neuberger Berman Group LLC now owns 903,258 shares of the company’s stock valued at $105,311,000 after buying an additional 889,809 shares during the period. Tobam purchased a new position in Advance Auto Parts during the second quarter valued at approximately $118,000. Pacer Advisors Inc. boosted its position in Advance Auto Parts by 7.6% in the second quarter. Pacer Advisors Inc. now owns 1,633 shares of the company’s stock valued at $190,000 after buying an additional 116 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Advance Auto Parts by 18.8% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 18,382 shares of the company’s stock valued at $2,143,000 after buying an additional 2,912 shares during the period.
Shares of Advance Auto Parts Inc (NYSE AAP) traded up 0.85% during trading on Thursday, hitting $97.63. 232,885 shares of the stock were exchanged. The stock has a market cap of $7.21 billion, a P/E ratio of 19.49 and a beta of 0.87. Advance Auto Parts Inc has a 12-month low of $82.21 and a 12-month high of $177.83. The stock has a 50-day moving average of $102.99 and a 200 day moving average of $132.88.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Tuesday, August 15th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by $0.07. The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a net margin of 3.91% and a return on equity of 14.71%. Advance Auto Parts’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.90 EPS. Equities analysts predict that Advance Auto Parts Inc will post $5.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.25%. The ex-dividend date is Thursday, September 21st. Advance Auto Parts’s dividend payout ratio is 4.80%.
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Several research analysts have commented on the stock. UBS AG reiterated a “buy” rating and set a $180.00 price target (down previously from $200.00) on shares of Advance Auto Parts in a report on Wednesday, May 17th. Citigroup Inc. lowered their price target on shares of Advance Auto Parts from $168.00 to $148.00 and set a “neutral” rating for the company in a report on Tuesday, May 30th. Morgan Stanley reiterated an “overweight” rating and set a $160.00 price target (down previously from $185.00) on shares of Advance Auto Parts in a report on Sunday, May 28th. Wedbush reiterated an “outperform” rating and set a $160.00 price target (down previously from $185.00) on shares of Advance Auto Parts in a report on Sunday, May 28th. Finally, Barclays PLC reiterated a “sell” rating and set a $120.00 price target on shares of Advance Auto Parts in a report on Friday, May 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $126.68.
In other news, Director Adriana Karaboutis purchased 367 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average price of $135.28 per share, for a total transaction of $49,647.76. Following the completion of the acquisition, the director now directly owns 3,043 shares in the company, valued at $411,657.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by company insiders.
About Advance Auto Parts
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.
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