Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,020,000 shares, a decline of 25.4% from the August 15th total of 4,050,000 shares. Currently, 5.1% of the company’s shares are sold short. Based on an average trading volume of 755,600 shares, the days-to-cover ratio is presently 4.0 days.
Advance Auto Parts Stock Performance
Shares of AAP traded down $0.82 during mid-day trading on Friday, reaching $166.80. 1,566,534 shares of the company’s stock were exchanged, compared to its average volume of 931,395. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.16 and a quick ratio of 0.25. The stock has a market capitalization of $10.03 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 1.07 and a beta of 1.24. The business’s fifty day simple moving average is $186.77 and its 200-day simple moving average is $194.71. Advance Auto Parts has a 52-week low of $164.00 and a 52-week high of $244.55.
Advance Auto Parts (NYSE:AAP – Get Rating) last announced its earnings results on Tuesday, August 23rd. The company reported $3.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.76 by ($0.02). Advance Auto Parts had a return on equity of 25.99% and a net margin of 4.84%. During the same quarter in the previous year, the business earned $3.40 EPS. On average, equities research analysts expect that Advance Auto Parts will post 13.01 earnings per share for the current year.
Advance Auto Parts Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.60%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 69.61%.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on AAP shares. The Goldman Sachs Group reissued a “buy” rating and set a $219.00 price target on shares of Advance Auto Parts in a research report on Thursday, August 25th. Wells Fargo & Company lowered their price target on shares of Advance Auto Parts from $230.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 24th. Guggenheim lowered their price target on shares of Advance Auto Parts from $266.00 to $259.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Truist Financial decreased their target price on shares of Advance Auto Parts from $238.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Finally, Morgan Stanley decreased their target price on shares of Advance Auto Parts from $225.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 25th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.56.
Hedge Funds Weigh In On Advance Auto Parts
A number of hedge funds have recently modified their holdings of the business. Private Trust Co. NA acquired a new stake in shares of Advance Auto Parts during the second quarter worth $36,000. Royal London Asset Management Ltd. lifted its holdings in shares of Advance Auto Parts by 7.7% during the second quarter. Royal London Asset Management Ltd. now owns 25,497 shares of the company’s stock worth $4,419,000 after purchasing an additional 1,832 shares during the period. Amundi lifted its holdings in shares of Advance Auto Parts by 26.8% during the second quarter. Amundi now owns 530,558 shares of the company’s stock worth $93,385,000 after purchasing an additional 112,186 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Advance Auto Parts by 384.0% during the second quarter. Verition Fund Management LLC now owns 64,702 shares of the company’s stock worth $11,199,000 after purchasing an additional 51,335 shares during the period. Finally, Prelude Capital Management LLC acquired a new stake in shares of Advance Auto Parts during the second quarter worth $296,000. 99.47% of the stock is currently owned by hedge funds and other institutional investors.
Advance Auto Parts Company Profile
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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