Invenomic Capital Management LP Invests $3.34 Million in Advance Auto Parts, Inc. (NYSE:AAP)

Invenomic Capital Management LP acquired a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) in the third quarter, HoldingsChannel reports. The fund acquired 85,716 shares of the company’s stock, valued at approximately $3,342,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Advance Auto Parts during the 3rd quarter worth $14,684,000. Wolverine Asset Management LLC increased its holdings in Advance Auto Parts by 212.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock valued at $1,223,000 after purchasing an additional 21,320 shares in the last quarter. Quest Partners LLC acquired a new stake in Advance Auto Parts in the 3rd quarter valued at $579,000. BW Gestao de Investimentos Ltda. acquired a new stake in Advance Auto Parts in the 2nd quarter valued at $7,916,000. Finally, FORA Capital LLC acquired a new stake in Advance Auto Parts in the 3rd quarter valued at $2,144,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AAP has been the subject of several recent research reports. TD Cowen lowered their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. UBS Group increased their price target on Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Truist Financial lowered their price target on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday, November 15th. The Goldman Sachs Group decreased their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Mizuho reissued a “neutral” rating and issued a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.64.

Advance Auto Parts Price Performance

NYSE:AAP opened at $42.65 on Wednesday. The stock has a market cap of $2.55 billion, a P/E ratio of 58.43 and a beta of 1.21. Advance Auto Parts, Inc. has a one year low of $35.59 and a one year high of $88.56. The company has a fifty day moving average price of $39.28 and a 200 day moving average price of $51.28. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. Advance Auto Parts’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.82) earnings per share. Analysts anticipate that Advance Auto Parts, Inc. will post -0.51 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 136.99%.

Advance Auto Parts 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.