Advance Auto Parts, Inc. (AAP) Shares Bought by Piedmont Investment Advisors Inc.

Piedmont Investment Advisors Inc. grew its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 170.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,321 shares of the company’s stock after purchasing an additional 1,463 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Advance Auto Parts were worth $391,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Advance Auto Parts by 898.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 83,900 shares of the company’s stock worth $14,123,000 after buying an additional 75,500 shares in the last quarter. Norinchukin Bank The raised its position in shares of Advance Auto Parts by 13.6% during the third quarter. Norinchukin Bank The now owns 9,530 shares of the company’s stock worth $1,604,000 after purchasing an additional 1,143 shares during the period. Commonwealth Bank of Australia raised its position in shares of Advance Auto Parts by 833.3% during the third quarter. Commonwealth Bank of Australia now owns 2,800 shares of the company’s stock worth $468,000 after purchasing an additional 2,500 shares during the period. First Mercantile Trust Co. raised its position in shares of Advance Auto Parts by 58.0% during the third quarter. First Mercantile Trust Co. now owns 1,887 shares of the company’s stock worth $318,000 after purchasing an additional 693 shares during the period. Finally, ClariVest Asset Management LLC acquired a new position in shares of Advance Auto Parts during the third quarter worth approximately $173,000. Hedge funds and other institutional investors own 97.62% of the company’s stock.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $199.00 target price on the stock in a research report on Tuesday, November 20th. Citigroup upped their target price on Advance Auto Parts from $155.00 to $185.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 14th. UBS Group upped their target price on Advance Auto Parts from $190.00 to $215.00 and gave the stock a “buy” rating in a research report on Wednesday, November 14th. JPMorgan Chase & Co. upped their target price on Advance Auto Parts from $220.00 to $222.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 14th. Finally, Bank of America upped their target price on Advance Auto Parts from $177.00 to $200.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 14th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $178.71.

In related news, Director Fiona P. Dias sold 1,048 shares of the stock in a transaction on Friday, November 16th. The stock was sold at an average price of $177.54, for a total value of $186,061.92. Following the completion of the sale, the director now directly owns 11,693 shares of the company’s stock, valued at approximately $2,075,975.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.50% of the company’s stock.

NYSE AAP opened at $177.24 on Friday. The firm has a market capitalization of $12.92 billion, a P/E ratio of 33.01, a P/E/G ratio of 2.07 and a beta of 1.04. Advance Auto Parts, Inc. has a 12 month low of $88.96 and a 12 month high of $186.15. The company has a quick ratio of 0.49, a current ratio of 1.62 and a debt-to-equity ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Tuesday, November 13th. The company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.14. The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.23 billion. Advance Auto Parts had a return on equity of 13.99% and a net margin of 5.83%. Advance Auto Parts’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 EPS. Equities analysts expect that Advance Auto Parts, Inc. will post 7.09 EPS for the current year.

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

Advance Auto Parts announced that its board has approved a share repurchase plan on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often 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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