Mattern Capital Management LLC Takes $290,000 Position in Advance Auto Parts, Inc. (NYSE:AAP)

Mattern Capital Management LLC acquired a new position in Advance Auto Parts, Inc. (NYSE:AAP) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,413 shares of the company’s stock, valued at approximately $290,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its position in shares of Advance Auto Parts by 267.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after purchasing an additional 257 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts during the first quarter worth $34,000. Allworth Financial LP boosted its position in Advance Auto Parts by 190.0% during the 4th quarter. Allworth Financial LP now owns 406 shares of the company’s stock valued at $25,000 after acquiring an additional 266 shares in the last quarter. Principal Securities Inc. purchased a new position in shares of Advance Auto Parts in the 4th quarter valued at $27,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Advance Auto Parts in the 1st quarter worth $43,000. 88.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AAP shares. Evercore ISI cut their target price on Advance Auto Parts from $70.00 to $68.00 and set an “in-line” rating on the stock in a research note on Tuesday, July 16th. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 30th. Wedbush reissued a “neutral” rating and set a $70.00 target price on shares of Advance Auto Parts in a research report on Friday, May 24th. UBS Group lifted their price target on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Truist Financial decreased their price objective on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. According to MarketBeat.com, Advance Auto Parts presently has a consensus rating of “Hold” and an average price target of $64.64.

Advance Auto Parts Stock Performance

NYSE AAP traded up $1.23 on Thursday, hitting $60.17. 1,633,194 shares of the company’s stock traded hands, compared to its average volume of 1,675,635. The firm has a market capitalization of $3.59 billion, a PE ratio of 87.20, a P/E/G ratio of 1.15 and a beta of 1.20. Advance Auto Parts, Inc. has a 1-year low of $47.73 and a 1-year high of $88.56. The firm’s 50-day moving average price is $64.35 and its two-hundred day moving average price is $69.31. The company has a current ratio of 1.22, a quick ratio of 0.29 and a debt-to-equity ratio of 0.70.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Wednesday, May 29th. The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. Advance Auto Parts’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 earnings per share. As a group, analysts expect that Advance Auto Parts, Inc. will post 3.7 EPS for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, July 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.66%. Advance Auto Parts’s payout ratio is 144.93%.

Advance Auto Parts 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.