Central Pacific Bank Trust Division Takes $117,000 Position in Advance Auto Parts, Inc. (NYSE:AAP)

Central Pacific Bank Trust Division purchased a new position in Advance Auto Parts, Inc. (NYSE:AAP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,000 shares of the company’s stock, valued at approximately $117,000.

Several other institutional investors and hedge funds also recently bought and sold shares of AAP. Third Point LLC purchased a new position in shares of Advance Auto Parts during the 1st quarter worth about $127,234,000. Dorsal Capital Management LP boosted its position 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 valued at $79,162,000 after buying an additional 768,664 shares during the period. Capital World Investors grew its stake in shares of Advance Auto Parts by 67.0% during the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after buying an additional 615,674 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Advance Auto Parts by 76.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after buying an additional 547,696 shares during the period. Finally, Anchor Capital Advisors LLC bought a new stake in shares of Advance Auto Parts during the 1st quarter worth approximately $34,332,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on AAP. Wedbush reaffirmed a “neutral” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Advance Auto Parts in a research report on Friday, August 23rd. Mizuho restated a “neutral” rating and issued a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Truist Financial decreased their price objective 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. Wells Fargo & Company dropped their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Finally, TD Cowen decreased their price target on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating and fourteen have issued a hold rating to the company’s stock. According to data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and a consensus price target of $56.54.

Advance Auto Parts Price Performance

Shares of AAP opened at $38.69 on Friday. The company has a 50 day moving average of $48.82 and a two-hundred day moving average of $62.92. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. Advance Auto Parts, Inc. has a twelve month low of $36.40 and a twelve month high of $88.56. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 56.07, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last announced 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). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the firm earned $1.43 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. As a group, analysts predict that Advance Auto Parts, Inc. will post 2.19 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s payout ratio is 144.93%.

Advance Auto Parts 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.