SRS Investment Management LLC trimmed its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 56.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 472,286 shares of the company’s stock after selling 616,165 shares during the period. Advance Auto Parts makes up about 1.6% of SRS Investment Management LLC’s holdings, making the stock its 11th largest holding. SRS Investment Management LLC owned about 0.66% of Advance Auto Parts worth $72,798,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in AAP. Berman Capital Advisors LLC raised its stake in shares of Advance Auto Parts by 172.8% in the second quarter. Berman Capital Advisors LLC now owns 221 shares of the company’s stock valued at $33,000 after acquiring an additional 140 shares in the last quarter. Citizens Financial Group Inc RI boosted its position in shares of Advance Auto Parts by 466.7% during the 2nd quarter. Citizens Financial Group Inc RI now owns 221 shares of the company’s stock worth $34,000 after acquiring an additional 182 shares in the last quarter. Nelson Roberts Investment Advisors LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter worth about $40,000. Avestar Capital LLC boosted its position in shares of Advance Auto Parts by 625.0% during the 2nd quarter. Avestar Capital LLC now owns 406 shares of the company’s stock worth $42,000 after acquiring an additional 350 shares in the last quarter. Finally, Amica Retiree Medical Trust acquired a new position in shares of Advance Auto Parts during the 2nd quarter worth about $49,000.
Several research analysts have recently issued reports on AAP shares. UBS Group lowered their price objective on Advance Auto Parts from $205.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $161.00 price objective for the company in a research report on Wednesday, July 31st. Morgan Stanley set a $185.00 price objective on Advance Auto Parts and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Advance Auto Parts in a research report on Thursday, July 11th. Finally, Citigroup raised Advance Auto Parts from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $156.00 to $188.00 in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Advance Auto Parts presently has a consensus rating of “Buy” and a consensus price target of $185.47.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.52% and a return on equity of 15.16%. The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the company earned $1.97 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. On average, research analysts anticipate that Advance Auto Parts, Inc. will post 7.96 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 20th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, September 19th. Advance Auto Parts’s payout ratio is 3.37%.
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.
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