Pzena Investment Management LLC Boosts Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Pzena Investment Management LLC raised its holdings in Advance Auto Parts, Inc. (NYSE:AAP) by 140.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,908,658 shares of the company’s stock after acquiring an additional 1,698,155 shares during the quarter. Pzena Investment Management LLC owned approximately 4.87% of Advance Auto Parts worth $113,409,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in Advance Auto Parts by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after acquiring an additional 40,669 shares in the last quarter. Capital World Investors lifted its stake in shares of Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after purchasing an additional 615,674 shares during the last quarter. Third Point LLC bought a new position in Advance Auto Parts in the first quarter worth about $127,234,000. Dimensional Fund Advisors LP boosted its holdings in shares of Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after buying an additional 547,696 shares in the last quarter. Finally, Dorsal Capital Management LP increased its position in Advance Auto Parts by 159.7% during the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after buying an additional 768,664 shares in the last quarter. 88.75% of the stock is currently owned by institutional investors.

Advance Auto Parts Stock Up 0.2 %

NYSE AAP traded up $0.09 during trading hours on Wednesday, hitting $38.59. 454,456 shares of the company were exchanged, compared to its average volume of 2,054,376. The company has a 50 day moving average of $39.05 and a two-hundred day moving average of $53.60. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 52.73, a PEG ratio of 1.19 and a beta of 1.17. Advance Auto Parts, Inc. has a 52-week low of $35.59 and a 52-week high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data 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 business had revenue of $2.15 billion for the quarter, compared to analyst estimates 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 was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.82) earnings per share. Equities research analysts anticipate that Advance Auto Parts, Inc. will post 2.26 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is currently 136.99%.

Analyst Ratings Changes

Several research analysts have recently issued reports on AAP shares. DA Davidson restated a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a research note on Friday, November 15th. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a report on Friday, November 15th. Truist Financial cut their target price on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday, November 15th. UBS Group increased their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $49.14.

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.