Advance Auto Parts, Inc. (NYSE:AAP) is Legion Partners Asset Management LLC’s Largest Position

Legion Partners Asset Management LLC increased its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 786,250 shares of the company’s stock after buying an additional 13,300 shares during the quarter. Advance Auto Parts comprises approximately 15.4% of Legion Partners Asset Management LLC’s portfolio, making the stock its biggest holding. Legion Partners Asset Management LLC owned approximately 1.32% of Advance Auto Parts worth $49,793,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Kovack Advisors Inc. boosted its holdings in Advance Auto Parts by 0.7% in the first quarter. Kovack Advisors Inc. now owns 22,727 shares of the company’s stock valued at $1,934,000 after acquiring an additional 150 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Advance Auto Parts by 28.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 895 shares of the company’s stock valued at $76,000 after purchasing an additional 196 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Advance Auto Parts by 3.5% during the 2nd quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock worth $430,000 after purchasing an additional 232 shares during the period. OLD National Bancorp IN increased its position in Advance Auto Parts by 6.8% during the 2nd quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after purchasing an additional 237 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in Advance Auto Parts by 267.7% in the first quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock valued at $30,000 after buying an additional 257 shares during the period. 88.75% of the stock is owned by institutional investors and hedge funds.

Advance Auto Parts Stock Up 1.6 %

NYSE:AAP opened at $40.24 on Friday. Advance Auto Parts, Inc. has a 1-year low of $37.51 and a 1-year high of $88.56. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 58.32, a PEG ratio of 1.32 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The business’s fifty day moving average price is $51.34 and its 200 day moving average price is $64.63.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the company earned $1.43 earnings per share. Advance Auto Parts’s revenue for the quarter was down .1% compared to the same quarter last year. On average, sell-side 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, October 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.49%. Advance Auto Parts’s dividend payout ratio is 144.93%.

Analyst Ratings Changes

Several research firms have recently issued reports on AAP. Royal Bank of Canada dropped their price objective on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a research report on Thursday, May 30th. TD Cowen lowered their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Truist Financial reduced their price objective on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Evercore ISI lowered their target price on Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a research note on Friday, August 23rd. Finally, Bank of America raised their target price on Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and fourteen have given a hold rating to the stock. Based on data from MarketBeat.com, Advance Auto Parts presently has an average 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.