Amalgamated Bank Cuts Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Amalgamated Bank reduced its stake in Advance Auto Parts, Inc. (NYSE:AAP) by 29.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 18,672 shares of the company’s stock after selling 7,954 shares during the quarter. Amalgamated Bank’s holdings in Advance Auto Parts were worth $728,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AAP. Allspring Global Investments Holdings LLC purchased a new position in shares of Advance Auto Parts in the 1st quarter worth about $34,000. Mather Group LLC. raised its stake in Advance Auto Parts by 1,241.7% in the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after acquiring an additional 596 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in Advance Auto Parts in the 2nd quarter valued at about $41,000. Blue Trust Inc. raised its stake in Advance Auto Parts by 56.7% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock valued at $47,000 after acquiring an additional 436 shares during the period. Finally, AM Squared Ltd bought a new stake in Advance Auto Parts in the 2nd quarter valued at about $63,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AAP shares. DA Davidson restated a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a research note on Friday. Wedbush restated an “outperform” rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research note on Friday. Truist Financial decreased their price target on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research report on Friday. Evercore ISI decreased their price target on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group decreased their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Stock Down 8.5 %

Shares of AAP opened at $37.68 on Friday. The firm has a market cap of $2.25 billion, a P/E ratio of 3,768.00, a P/E/G ratio of 1.33 and a beta of 1.17. The stock has a 50 day simple moving average of $39.02 and a two-hundred day simple moving average of $54.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. Advance Auto Parts, Inc. has a 1 year low of $35.59 and a 1 year high of $88.56.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.43 EPS. On average, analysts forecast that Advance Auto Parts, Inc. will post 2.19 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, January 24th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 10,000.00%.

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.