Redwood Investment Management LLC Acquires 2,269 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Redwood Investment Management LLC increased its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 26.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,858 shares of the company’s stock after purchasing an additional 2,269 shares during the period. Redwood Investment Management LLC’s holdings in Advance Auto Parts were worth $449,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Pzena Investment Management LLC lifted its stake in Advance Auto Parts by 140.3% in the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock valued at $113,409,000 after buying an additional 1,698,155 shares in the last quarter. Dorsal Capital Management LP raised its holdings in shares of Advance Auto Parts by 159.7% during the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock worth $79,162,000 after acquiring an additional 768,664 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Advance Auto Parts by 76.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after acquiring an additional 547,696 shares during the period. International Assets Investment Management LLC bought a new stake in Advance Auto Parts in the 3rd quarter valued at $17,477,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Advance Auto Parts in the 3rd quarter worth $14,684,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AAP shares. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. Roth Mkm reissued a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Truist Financial reduced their price target on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research report on Friday, November 15th. Evercore ISI lifted their price objective on shares of Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, November 20th. Finally, Mizuho restated a “neutral” rating and set a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.64.

Insider Activity at Advance Auto Parts

In other news, EVP Tammy M. Finley sold 1,276 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the completion of the sale, the executive vice president now owns 24,266 shares in the company, valued at $1,069,159.96. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.35% of the stock is owned by company insiders.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $44.98 on Friday. 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 business’s 50 day moving average price is $39.51 and its two-hundred day moving average price is $50.99. The company has a market cap of $2.69 billion, a PE ratio of 61.62 and a beta of 1.21. Advance Auto Parts, Inc. has a twelve month low of $35.59 and a twelve month high of $88.56.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the company posted ($0.82) EPS. The firm’s revenue was down 3.2% on a year-over-year basis. On average, analysts predict that Advance Auto Parts, Inc. will post -0.51 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s payout ratio is 136.99%.

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.