Renaissance Technologies LLC Has $11.75 Million Stock Position in Advance Auto Parts, Inc. (NYSE:AAP)

Renaissance Technologies LLC lifted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 26.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 185,450 shares of the company’s stock after acquiring an additional 39,300 shares during the period. Renaissance Technologies LLC owned approximately 0.31% of Advance Auto Parts worth $11,745,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Principal Securities Inc. purchased a new stake in shares of Advance Auto Parts in the fourth quarter worth approximately $27,000. Hexagon Capital Partners LLC grew its holdings in Advance Auto Parts by 267.7% during the first quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after buying an additional 257 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Advance Auto Parts during the first quarter worth $34,000. Mather Group LLC. lifted its stake in Advance Auto Parts by 1,241.7% during 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 in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Advance Auto Parts during the 2nd quarter worth $41,000. Institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Trading Down 3.4 %

Shares of AAP opened at $40.99 on Monday. Advance Auto Parts, Inc. has a fifty-two week low of $37.51 and a fifty-two week high of $88.56. The business has a 50-day moving average of $53.15 and a 200 day moving average of $65.44. The firm has a market cap of $2.44 billion, a P/E ratio of 59.41, a price-to-earnings-growth ratio of 1.26 and a beta of 1.17. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23.

Advance Auto Parts (NYSE:AAP) last posted its earnings results 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 business 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%. Advance Auto Parts’s revenue for the quarter 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, research analysts forecast that Advance Auto Parts, Inc. will post 2.19 EPS for the current year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. Advance Auto Parts’s dividend payout ratio is currently 144.93%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AAP shares. Truist Financial lowered their target price on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a report on Friday, August 23rd. JPMorgan Chase & Co. dropped their target price on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Mizuho reaffirmed a “neutral” rating and issued a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. StockNews.com upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. Finally, Wedbush restated a “neutral” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Advance Auto Parts in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating and fourteen have given a hold rating to the company. According to data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $56.54.

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.