AM Squared Ltd Acquires 1,000 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

AM Squared Ltd lifted its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 100.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,000 shares of the company’s stock after acquiring an additional 1,000 shares during the period. AM Squared Ltd’s holdings in Advance Auto Parts were worth $78,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wolverine Asset Management LLC lifted its holdings in shares of Advance Auto Parts by 212.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after acquiring an additional 21,320 shares during the period. BW Gestao de Investimentos Ltda. bought a new position in shares of Advance Auto Parts during the 2nd quarter worth about $7,916,000. Renaissance Technologies LLC lifted its holdings in shares of 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. International Assets Investment Management LLC bought a new position in shares of Advance Auto Parts during the 3rd quarter worth about $17,477,000. Finally, AQR Capital Management LLC lifted its holdings in shares of 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. 88.75% of the stock is owned by institutional investors.

Advance Auto Parts Stock Down 8.5 %

Shares of NYSE:AAP opened at $37.69 on Friday. Advance Auto Parts, Inc. has a one year low of $35.59 and a one year high of $88.56. The company has a 50 day moving average of $39.02 and a 200-day moving average of $54.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.30. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 51.63 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last issued its quarterly 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). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, sell-side analysts forecast that Advance Auto Parts, Inc. will post 2.26 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is 136.99%.

Analyst Ratings Changes

AAP has been the subject of several analyst reports. Evercore ISI cut their price target on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. cut their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Truist Financial cut their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday. TD Cowen cut 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 report on Friday, August 23rd. Finally, Mizuho reissued a “neutral” rating and set a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $49.14.

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.