Creative Planning lifted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 36.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,074 shares of the company’s stock after acquiring an additional 554 shares during the period. Creative Planning’s holdings in Advance Auto Parts were worth $349,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of AAP. Piedmont Investment Advisors LLC bought a new stake in Advance Auto Parts in the 2nd quarter worth about $116,000. Tower Research Capital LLC TRC bought a new stake in Advance Auto Parts in the 2nd quarter worth about $117,000. Federated Investors Inc. PA bought a new stake in Advance Auto Parts in the 2nd quarter worth about $124,000. First Mercantile Trust Co. bought a new stake in Advance Auto Parts in the 2nd quarter worth about $162,000. Finally, Signaturefd LLC grew its position in Advance Auto Parts by 362.8% in the 2nd quarter. Signaturefd LLC now owns 1,305 shares of the company’s stock worth $177,000 after purchasing an additional 1,023 shares in the last quarter.
A number of equities research analysts have issued reports on the stock. Morgan Stanley upped their price objective on shares of Advance Auto Parts from $195.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wedbush upped their price objective on shares of Advance Auto Parts from $175.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, October 26th. Wells Fargo & Co reissued a “hold” rating on shares of Advance Auto Parts in a research report on Tuesday, October 16th. Argus increased their target price on shares of Advance Auto Parts from $155.00 to $184.00 and gave the company a “buy” rating in a research report on Monday, September 17th. They noted that the move was a valuation call. Finally, Bank of America raised shares of Advance Auto Parts from an “underperform” rating to a “neutral” rating and increased their target price for the company from $123.00 to $177.00 in a research report on Monday, September 17th. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $155.11.
Advance Auto Parts (NYSE:AAP) last released its earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, beating the Zacks’ 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 net margin of 5.68% and a return on equity of 13.43%. The company’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.48 EPS. On average, equities analysts expect that Advance Auto Parts, Inc. will post 6.97 EPS for the current fiscal year.
Advance Auto Parts announced that its Board of Directors has approved a share buyback plan on Tuesday, August 14th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other Advance Auto Parts news, Director Nigel Travis purchased 1,250 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were bought at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the purchase, the director now owns 1,250 shares of the company’s stock, valued at approximately $199,625. The purchase 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.
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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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