Geode Capital Management LLC Lowers Stock Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Geode Capital Management LLC reduced its position in Advance Auto Parts, Inc. (NYSE:AAP) by 11.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 830,005 shares of the company’s stock after selling 109,326 shares during the quarter. Geode Capital Management LLC owned 1.39% of Advance Auto Parts worth $32,372,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in shares of Advance Auto Parts by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 442,830 shares of the company’s stock worth $28,044,000 after acquiring an additional 9,425 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Advance Auto Parts in the second quarter worth $336,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Advance Auto Parts by 13.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,115 shares of the company’s stock valued at $831,000 after buying an additional 1,588 shares during the period. Crossmark Global Holdings Inc. grew its stake in shares of Advance Auto Parts by 57.1% during the second quarter. Crossmark Global Holdings Inc. now owns 6,821 shares of the company’s stock valued at $432,000 after buying an additional 2,480 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Advance Auto Parts by 60.3% in the second quarter. Commonwealth Equity Services LLC now owns 118,071 shares of the company’s stock worth $7,477,000 after buying an additional 44,408 shares during the period. 88.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Advance Auto Parts Stock Down 0.0 %

Shares of Advance Auto Parts stock opened at $43.73 on Thursday. Advance Auto Parts, Inc. has a 1 year low of $35.59 and a 1 year high of $88.56. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a 50-day moving average of $40.92 and a 200 day moving average of $48.79. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 59.90 and a beta of 1.21.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the prior year, the firm earned ($0.82) earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Advance Auto Parts, Inc. will post -0.54 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is presently 136.99%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AAP. Roth Capital upgraded Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Truist Financial decreased their target price on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research note on Friday, November 15th. Mizuho reissued a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Roth Mkm restated a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Finally, BMO Capital Markets started coverage on shares of Advance Auto Parts in a report on Friday, December 13th. They set a “market perform” rating and a $45.00 target price for the company. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and a consensus target price of $48.40.

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.