Legato Capital Management LLC Has $495,000 Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Legato Capital Management LLC trimmed its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 35.2% during the second quarter, Holdings Channel reports. The firm owned 7,810 shares of the company’s stock after selling 4,238 shares during the period. Legato Capital Management LLC’s holdings in Advance Auto Parts were worth $495,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Advance Auto Parts by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock valued at $340,268,000 after purchasing an additional 40,669 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Advance Auto Parts by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,577,372 shares of the company’s stock worth $96,267,000 after acquiring an additional 46,226 shares in the last quarter. Capital World Investors boosted its holdings in shares of Advance Auto Parts by 67.0% in the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after acquiring an additional 615,674 shares in the last quarter. Third Point LLC acquired a new position in shares of Advance Auto Parts in the 1st quarter worth approximately $127,234,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Advance Auto Parts by 3.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,014,639 shares of the company’s stock worth $86,336,000 after acquiring an additional 32,426 shares in the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Truist Financial reduced their target price on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Mizuho reduced their target price on Advance Auto Parts from $64.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday. Evercore ISI dropped their price objective on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a research report on Friday, August 23rd. Wedbush reaffirmed a “neutral” rating and set a $55.00 price objective (down previously from $65.00) on shares of Advance Auto Parts in a report on Friday, August 23rd. Finally, UBS Group upped their price objective on Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. One analyst has rated the stock with a sell rating and fourteen have issued a hold rating to the company’s stock. According to MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $58.62.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $47.84 on Wednesday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 69.33, a PEG ratio of 1.20 and a beta of 1.20. The business has a 50-day moving average of $60.30 and a 200-day moving average of $68.41. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29. Advance Auto Parts, Inc. has a fifty-two week low of $47.73 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. Advance Auto Parts’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.43 EPS. As a group, sell-side analysts predict that Advance Auto Parts, Inc. will post 3.7 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s payout ratio is 144.93%.

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.