Truist Financial Corp Lowers Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Truist Financial Corp lessened its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 47.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,176 shares of the company’s stock after selling 6,481 shares during the quarter. Truist Financial Corp’s holdings in Advance Auto Parts were worth $454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. BW Gestao de Investimentos Ltda. purchased a new position in Advance Auto Parts during the 2nd quarter worth $7,916,000. Renaissance Technologies LLC lifted its position in Advance Auto Parts by 26.9% during the 2nd quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after acquiring an additional 39,300 shares during the period. AQR Capital Management LLC lifted its position in Advance Auto Parts by 31.0% during the 2nd quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after acquiring an additional 55,226 shares during the period. Private Advisor Group LLC acquired a new position in shares of Advance Auto Parts in the 1st quarter valued at about $1,172,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Advance Auto Parts by 24.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock valued at $6,555,000 after buying an additional 15,093 shares during the period. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AAP shares. Evercore ISI reduced their price target on Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a report on Friday, August 23rd. Mizuho reiterated a “neutral” rating and issued a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Roth Mkm restated a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, TD Cowen decreased their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $55.36.

Advance Auto Parts Price Performance

Shares of NYSE:AAP opened at $38.60 on Thursday. 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 fifty-two week low of $36.40 and a fifty-two week high of $88.56. The firm has a 50-day simple moving average of $45.67 and a 200 day simple moving average of $60.32. The company has a market cap of $2.30 billion, a PE ratio of 55.94, a P/E/G ratio of 1.25 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Thursday, August 22nd. The company reported $0.75 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 the consensus estimate 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 last year, the company posted $1.43 EPS. On average, sell-side analysts anticipate that Advance Auto Parts, Inc. will post 2.19 EPS for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio is presently 144.93%.

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.