Qsemble Capital Management LP Increases Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Qsemble Capital Management LP boosted its position in Advance Auto Parts, Inc. (NYSE:AAP) by 1,244.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,281 shares of the company’s stock after acquiring an additional 50,245 shares during the period. Qsemble Capital Management LP owned 0.09% of Advance Auto Parts worth $2,116,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd grew its stake in shares of Advance Auto Parts by 19.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 78,108 shares of the company’s stock worth $3,045,000 after purchasing an additional 12,704 shares during the last quarter. Studio Investment Management LLC grew its position in shares of Advance Auto Parts by 41.4% in the 3rd quarter. Studio Investment Management LLC now owns 5,207 shares of the company’s stock worth $203,000 after buying an additional 1,524 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of Advance Auto Parts by 140.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Advance Auto Parts during the third quarter valued at approximately $14,684,000. Finally, Commerce Bank raised its holdings in shares of Advance Auto Parts by 304.1% during the third quarter. Commerce Bank now owns 14,648 shares of the company’s stock valued at $571,000 after acquiring an additional 11,023 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Roth Mkm reissued a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, October 16th. DA Davidson restated a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a report on Friday, November 15th. Mizuho reissued a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Truist Financial reduced their price target on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research note on Friday, November 15th. Finally, Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $48.64.

Advance Auto Parts Price Performance

NYSE AAP opened at $43.43 on Tuesday. Advance Auto Parts, Inc. has a one year low of $35.59 and a one year high of $88.56. The stock has a 50-day moving average of $39.02 and a 200 day moving average of $52.86. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 59.49 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.82) EPS. On average, sell-side analysts forecast that Advance Auto Parts, Inc. will post -0.51 EPS for the current year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.00 annualized dividend and a yield of 2.30%. Advance Auto Parts’s payout ratio is 136.99%.

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.