Poplar Forest Capital LLC Has $59.77 Million Position in Advance Auto Parts, Inc. (AAP)

Poplar Forest Capital LLC reduced its stake in Advance Auto Parts, Inc. (NYSE:AAP) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 355,057 shares of the company’s stock after selling 15,949 shares during the quarter. Advance Auto Parts comprises 4.5% of Poplar Forest Capital LLC’s holdings, making the stock its 3rd largest holding. Poplar Forest Capital LLC owned about 0.48% of Advance Auto Parts worth $59,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Main Street Research LLC bought a new stake in Advance Auto Parts in the third quarter worth approximately $303,000. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Advance Auto Parts by 136.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 29,639 shares of the company’s stock worth $4,989,000 after purchasing an additional 17,105 shares in the last quarter. Gulf International Bank UK Ltd increased its holdings in Advance Auto Parts by 2.4% in the third quarter. Gulf International Bank UK Ltd now owns 23,098 shares of the company’s stock worth $3,888,000 after purchasing an additional 547 shares in the last quarter. BP PLC increased its holdings in Advance Auto Parts by 200.0% in the third quarter. BP PLC now owns 28,500 shares of the company’s stock worth $4,796,000 after purchasing an additional 19,000 shares in the last quarter. Finally, Cadence Capital Management LLC bought a new stake in Advance Auto Parts in the third quarter worth approximately $474,000.

In related news, Director Nigel Travis purchased 1,250 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was acquired at an average price of $159.70 per share, for a total transaction of $199,625.00. Following the completion of the acquisition, the director now owns 1,250 shares of the company’s stock, valued at approximately $199,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.50% of the company’s stock.

A number of equities research analysts have weighed in on AAP shares. Royal Bank of Canada lifted their target price on Advance Auto Parts to $154.00 and gave the stock an “outperform” rating in a report on Thursday, July 12th. Guggenheim set a $156.00 target price on Advance Auto Parts and gave the stock a “buy” rating in a report on Friday, July 13th. Stephens reiterated a “hold” rating and issued a $130.00 target price on shares of Advance Auto Parts in a report on Friday, July 13th. Zacks Investment Research upgraded Advance Auto Parts from a “hold” rating to a “buy” rating and set a $162.00 price objective for the company in a report on Tuesday, July 24th. Finally, Wedbush decreased their price objective on Advance Auto Parts from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, August 9th. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Advance Auto Parts currently has a consensus rating of “Buy” and a consensus target price of $155.11.

Shares of NYSE AAP traded up $1.35 during midday trading on Wednesday, hitting $169.44. 4,216 shares of the stock traded hands, compared to its average volume of 1,248,002. The company has a market cap of $12.22 billion, a price-to-earnings ratio of 31.57, a P/E/G ratio of 1.92 and a beta of 1.04. Advance Auto Parts, Inc. has a one year low of $78.81 and a one year high of $171.50. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The firm 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 company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.48 earnings per share. On average, equities research analysts anticipate that Advance Auto Parts, Inc. will post 6.97 earnings per share for the current year.

Advance Auto Parts announced that its Board of Directors has initiated a stock buyback program on Tuesday, August 14th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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About Advance Auto Parts

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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Institutional Ownership by Quarter for Advance Auto Parts (NYSE:AAP)

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