Trust Co. of Virginia VA Purchases 12,000 Shares of Advance Auto Parts, Inc. (AAP)

Trust Co. of Virginia VA boosted its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 301.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,975 shares of the company’s stock after purchasing an additional 12,000 shares during the quarter. Trust Co. of Virginia VA’s holdings in Advance Auto Parts were worth $2,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Principal Financial Group Inc. increased its stake in Advance Auto Parts by 2.1% in the first quarter. Principal Financial Group Inc. now owns 111,312 shares of the company’s stock valued at $13,196,000 after purchasing an additional 2,294 shares during the period. Bank of Montreal Can increased its stake in Advance Auto Parts by 106.4% in the second quarter. Bank of Montreal Can now owns 125,067 shares of the company’s stock valued at $16,972,000 after purchasing an additional 64,467 shares during the period. Amalgamated Bank increased its stake in Advance Auto Parts by 4.9% in the second quarter. Amalgamated Bank now owns 9,760 shares of the company’s stock valued at $1,324,000 after purchasing an additional 455 shares during the period. Creative Planning acquired a new position in Advance Auto Parts in the second quarter valued at $206,000. Finally, Unigestion Holding SA acquired a new position in Advance Auto Parts in the second quarter valued at $1,564,000. 97.62% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Fiona P. Dias sold 1,048 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $177.54, for a total transaction of $186,061.92. Following the sale, the director now owns 11,693 shares of the company’s stock, valued at $2,075,975.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.50% of the stock is currently owned by insiders.

AAP has been the topic of a number of recent research reports. Guggenheim restated a “buy” rating and issued a $174.00 price objective on shares of Advance Auto Parts in a research note on Thursday, August 16th. Deutsche Bank boosted their price target on shares of Advance Auto Parts from $155.00 to $171.00 and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Wedbush set a $175.00 price target on shares of Advance Auto Parts and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Zacks Investment Research upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating and set a $164.00 price target on the stock in a research note on Thursday, August 9th. Finally, Argus boosted their price target on shares of Advance Auto Parts from $155.00 to $184.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $178.71.

AAP stock traded up $0.60 during trading on Friday, reaching $175.27. 4,905 shares of the company were exchanged, compared to its average volume of 1,342,124. The company has a market cap of $12.73 billion, a P/E ratio of 32.43, a P/E/G ratio of 2.04 and a beta of 1.04. Advance Auto Parts, Inc. has a 52-week low of $88.82 and a 52-week high of $186.15. The company has a current ratio of 1.62, a quick ratio of 0.49 and a debt-to-equity ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, November 13th. The company reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.14. The firm had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.23 billion. Advance Auto Parts had a net margin of 5.83% and a return on equity of 13.99%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.43 earnings per share. On average, equities research analysts expect that Advance Auto Parts, Inc. will post 7.09 earnings per share for the current year.

Advance Auto Parts announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 14th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 21st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, December 20th. Advance Auto Parts’s dividend payout ratio is currently 4.47%.

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Advance Auto Parts Company Profile

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.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

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

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