Advance Auto Parts (NYSE:AAP) Trading Up 4.7% – Here’s Why

Advance Auto Parts, Inc. (NYSE:AAP) was up 4.7% during mid-day trading on Monday . The stock traded as high as $37.22 and last traded at $37.02. Approximately 507,306 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 2,227,769 shares. The stock had previously closed at $35.37.

Analyst Ratings Changes

A number of equities analysts recently weighed in on AAP shares. Barclays dropped their price target on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Evercore ISI lifted their target price on shares of Advance Auto Parts from $45.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, November 20th. Citigroup reduced their price target on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Wedbush reiterated an “outperform” rating and set a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. Finally, DA Davidson restated a “neutral” rating and issued a $45.00 target price on shares of Advance Auto Parts in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.69.

Advance Auto Parts Stock Performance

The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 50.82, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The firm’s 50-day moving average price is $44.97 and its two-hundred day moving average price is $42.56. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34.

Advance Auto Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

Institutional Trading of Advance Auto Parts

A number of hedge funds and other institutional investors have recently made changes to their positions in AAP. Price T Rowe Associates Inc. MD grew its holdings in Advance Auto Parts by 34.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock worth $316,160,000 after acquiring an additional 1,706,328 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of Advance Auto Parts by 11.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 3,449,554 shares of the company’s stock valued at $163,129,000 after purchasing an additional 347,587 shares during the last quarter. Pzena Investment Management LLC increased its holdings in shares of Advance Auto Parts by 12.5% in the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock valued at $154,681,000 after purchasing an additional 362,239 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Advance Auto Parts by 12.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock worth $129,016,000 after purchasing an additional 297,741 shares during the last quarter. Finally, Eminence Capital LP acquired a new position in Advance Auto Parts during the 4th quarter worth $87,214,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Company 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.