Traders Buy Advance Auto Parts Inc. (AAP) on Weakness
Investors bought shares of Advance Auto Parts Inc. (NYSE:AAP) on weakness during trading hours on Tuesday. $59.10 million flowed into the stock on the tick-up and $31.42 million flowed out of the stock on the tick-down, for a money net flow of $27.68 million into the stock. Of all companies tracked, Advance Auto Parts had the 9th highest net in-flow for the day. Advance Auto Parts traded down ($0.53) for the day and closed at $157.94
A number of research firms have recently weighed in on AAP. Morgan Stanley reiterated an “overweight” rating and issued a $180.00 price objective on shares of Advance Auto Parts in a research note on Thursday, August 18th. Credit Suisse Group AG reiterated an “outperform” rating and issued a $171.00 price objective (up previously from $155.00) on shares of Advance Auto Parts in a research note on Thursday, August 18th. BTIG Research reiterated a “sell” rating and issued a $120.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, August 17th. Citigroup Inc. increased their price objective on shares of Advance Auto Parts from $145.00 to $162.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 17th. Finally, Deutsche Bank AG cut their price objective on shares of Advance Auto Parts from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Wednesday, August 17th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. Advance Auto Parts has an average rating of “Hold” and an average target price of $169.53.
The stock has a market cap of $11.62 billion and a P/E ratio of 24.15. The company has a 50-day moving average price of $164.59 and a 200 day moving average price of $156.54.
Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Tuesday, August 16th. The company reported $1.90 EPS for the quarter, missing the Zacks’ consensus estimate of $2.12 by $0.22. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. The business’s revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.27 EPS. On average, analysts predict that Advance Auto Parts Inc. will post $7.40 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 23rd will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $0.24 dividend on an annualized basis and a yield of 0.15%.
In related news, CEO Thomas Greco purchased 6,700 shares of the stock in a transaction dated Tuesday, June 7th. The shares were acquired at an average cost of $150.82 per share, with a total value of $1,010,494.00. Following the purchase, the chief executive officer now directly owns 35,904 shares in the company, valued at approximately $5,415,041.28. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Francis Ferraro purchased 500 shares of the stock in a transaction dated Monday, August 22nd. The shares were bought at an average cost of $160.28 per share, for a total transaction of $80,140.00. Following the completion of the purchase, the director now owns 2,941 shares in the company, valued at $471,383.48. The disclosure for this purchase can be found here.
A number of large investors have modified their holdings of the stock. Mutual of America Capital Management LLC boosted its stake in shares of Advance Auto Parts by 1.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 8,232 shares of the company’s stock worth $1,239,000 after buying an additional 137 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of Advance Auto Parts during the fourth quarter worth approximately $1,159,000. I.G. Investment Management LTD. boosted its stake in shares of Advance Auto Parts by 51.9% in the fourth quarter. I.G. Investment Management LTD. now owns 45,929 shares of the company’s stock worth $6,913,000 after buying an additional 15,688 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in shares of Advance Auto Parts by 422.8% in the fourth quarter. State of Tennessee Treasury Department now owns 58,559 shares of the company’s stock worth $8,814,000 after buying an additional 47,359 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Advance Auto Parts by 18.4% in the fourth quarter. KBC Group NV now owns 28,038 shares of the company’s stock worth $4,220,000 after buying an additional 4,360 shares during the last quarter.
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (commercial) and do-it-yourself (DIY), customers, as well as independently owned operators. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.
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