Point72 Asset Management L.P. Invests $11.51 Million in Advance Auto Parts, Inc. (AAP)
Point72 Asset Management L.P. acquired a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 84,800 shares of the company’s stock, valued at approximately $11,507,000.
Other hedge funds also recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $116,000. Federated Investors Inc. PA acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $124,000. Stratos Wealth Partners LTD. grew its position in shares of Advance Auto Parts by 1,148.4% during the 1st quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock worth $141,000 after buying an additional 1,091 shares during the period. First Mercantile Trust Co. acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $162,000. Finally, Cerebellum GP LLC acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $182,000.
In other Advance Auto Parts news, Director Nigel Travis purchased 1,250 shares of Advance Auto Parts stock in a transaction that occurred on Friday, August 17th. The stock was acquired at an average price of $159.70 per share, with a total value of $199,625.00. Following the transaction, the director now owns 1,250 shares in the company, valued at approximately $199,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.50% of the company’s stock.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.11. Advance Auto Parts had a net margin of 5.68% and a return on equity of 13.43%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the firm posted $1.48 EPS. Advance Auto Parts’s revenue was up 2.8% compared to the same quarter last year. sell-side analysts expect that Advance Auto Parts, Inc. will post 6.94 earnings per share for the current year.
Advance Auto Parts announced that its board has initiated a stock repurchase plan on Tuesday, August 14th that allows the company to repurchase $600.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 21st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, September 20th. Advance Auto Parts’s payout ratio is currently 4.47%.
Several analysts have recently commented on AAP shares. Wells Fargo & Co reaffirmed a “hold” rating and set a $120.00 price objective (up previously from $110.00) on shares of Advance Auto Parts in a research report on Tuesday, May 22nd. ValuEngine downgraded shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a research report on Tuesday, May 22nd. JPMorgan Chase & Co. raised their price objective on shares of Advance Auto Parts from $138.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 23rd. Credit Suisse Group raised shares of Advance Auto Parts to a “buy” rating and set a $130.00 price objective for the company in a research report on Wednesday, May 23rd. Finally, TheStreet raised shares of Advance Auto Parts from a “c+” rating to a “b-” rating in a research report on Friday, June 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $143.11.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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.
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