Canada Pension Plan Investment Board Purchases 12,649 Shares of Advance Auto Parts, Inc. (AAP)
Canada Pension Plan Investment Board boosted its position in Advance Auto Parts, Inc. (NYSE:AAP) by 20.0% during the second quarter, Holdings Channel reports. The institutional investor owned 75,920 shares of the company’s stock after purchasing an additional 12,649 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Advance Auto Parts were worth $10,302,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $116,000. Stratos Wealth Partners LTD. boosted its stake in shares of Advance Auto Parts by 1,148.4% during the 1st quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock worth $141,000 after acquiring an additional 1,091 shares during the period. First Mercantile Trust Co. bought a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $162,000. Cerebellum GP LLC bought a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $182,000. Finally, Creative Planning bought a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $206,000.
Several brokerages have recently commented on AAP. Guggenheim reiterated a “buy” rating and set a $174.00 target price on shares of Advance Auto Parts in a research note on Thursday, August 16th. Stephens reiterated a “hold” rating and set a $155.00 target price on shares of Advance Auto Parts in a research note on Thursday, August 16th. Deutsche Bank lifted their target price on Advance Auto Parts from $155.00 to $171.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Morgan Stanley lifted their target price on Advance Auto Parts from $140.00 to $170.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 15th. Finally, Royal Bank of Canada lifted their target price on Advance Auto Parts to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $143.11.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.48 EPS. research analysts expect that Advance Auto Parts, Inc. will post 6.92 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be paid a $0.06 dividend. The ex-dividend date is Thursday, September 20th. This represents a $0.24 annualized dividend and a yield of 0.15%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 4.47%.
Advance Auto Parts announced that its board has authorized a share repurchase plan on Tuesday, August 14th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Nigel Travis purchased 1,250 shares of Advance Auto Parts stock in a transaction that occurred on Friday, August 17th. The stock was acquired at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the purchase, the director now directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.50% of the company’s stock.
Advance Auto Parts Profile
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.
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