Advance Auto Parts (NYSE:AAP) Stock Price Up 4.7% After Insider Buying Activity

Shares of Advance Auto Parts, Inc. (NYSE:AAP) rose 4.7% during trading on Monday after an insider bought additional shares in the company. The stock traded as high as $37.22 and last traded at $37.02. Approximately 507,306 shares changed hands during trading, a decline of 77% from the average daily volume of 2,227,769 shares. The stock had previously closed at $35.37.

Specifically, Director Eugene I. Lee, Jr. acquired 14,640 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the acquisition, the director now owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AAP shares. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research report on Monday, March 3rd. DA Davidson restated a “neutral” rating and set a $45.00 target price on shares of Advance Auto Parts in a research report on Friday, November 15th. The Goldman Sachs Group cut their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. BMO Capital Markets cut their price target on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Finally, Wells Fargo & Company lifted their price target on Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Hold” and an average price target of $45.13.

Advance Auto Parts Stock Performance

The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $2.18 billion, a P/E ratio of 50.04, a P/E/G ratio of 1.98 and a beta of 1.27. The stock has a fifty day moving average of $44.78 and a 200-day moving average of $42.45.

Advance Auto Parts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is -17.86%.

Institutional Trading of Advance Auto Parts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. Versant Capital Management Inc increased its holdings in Advance Auto Parts by 207.4% during the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $26,000 after purchasing an additional 365 shares in the last quarter. Allworth Financial LP increased its stake in Advance Auto Parts by 1,543.4% in the fourth quarter. Allworth Financial LP now owns 871 shares of the company’s stock valued at $40,000 after acquiring an additional 818 shares during the last quarter. Vision Financial Markets LLC bought a new position in Advance Auto Parts in the fourth quarter valued at $42,000. Advisory Services Network LLC bought a new position in shares of Advance Auto Parts during the fourth quarter valued at about $46,000. Finally, KBC Group NV grew its stake in shares of Advance Auto Parts by 29.1% during the third quarter. KBC Group NV now owns 1,749 shares of the company’s stock valued at $68,000 after buying an additional 394 shares during the last quarter. 88.75% of the stock is owned by institutional investors.

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.