Advance Auto Parts, Inc. (NYSE:AAP) Shares Purchased by DNB Asset Management AS

Jul 07, 2023

DNB Asset Management AS increased its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 21.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,936 shares of the company's stock after purchasing an additional 3,373 shares during the period. DNB Asset Management AS's holdings in Advance Auto Parts were worth $1,331,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Private Advisor Group LLC purchased a new stake in Advance Auto Parts in the 1st quarter valued at $232,000. MetLife Investment Management LLC grew its holdings in Advance Auto Parts by 21.9% in the 1st quarter. MetLife Investment Management LLC now owns 16,965 shares of the company's stock valued at $3,511,000 after buying an additional 3,046 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Advance Auto Parts by 5.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company's stock valued at $1,727,000 after buying an additional 435 shares in the last quarter. Cibc World Market Inc. grew its holdings in Advance Auto Parts by 120.6% in the 1st quarter. Cibc World Market Inc. now owns 11,593 shares of the company's stock valued at $2,399,000 after buying an additional 6,338 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in Advance Auto Parts by 14.4% in the 1st quarter. Blair William & Co. IL now owns 4,620 shares of the company's stock valued at $956,000 after buying an additional 582 shares in the last quarter. Institutional investors and hedge funds own 91.32% of the company's stock.

Several analysts have issued reports on the company. StockNews.com cut Advance Auto Parts from a "buy" rating to a "hold" rating in a report on Thursday, June 1st. Barclays decreased their price target on Advance Auto Parts from $129.00 to $69.00 in a research note on Thursday, June 1st. Royal Bank of Canada decreased their price target on Advance Auto Parts from $158.00 to $84.00 in a research note on Thursday, June 1st. UBS Group decreased their price target on Advance Auto Parts from $132.00 to $75.00 in a research note on Thursday, June 1st. Finally, JPMorgan Chase & Co. lowered Advance Auto Parts from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $165.00 to $84.00 in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and a consensus price target of $96.26.

Get Our Latest Stock Analysis on AAP

In other news, Director Douglas A. Pertz bought 4,575 shares of the firm's stock in a transaction on Monday, June 12th. The shares were bought at an average cost of $66.02 per share, for a total transaction of $302,041.50. Following the completion of the transaction, the director now owns 12,831 shares in the company, valued at $847,102.62. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Carla Jean Bailo purchased 500 shares of the business's stock in a transaction dated Wednesday, June 7th. The stock was bought at an average cost of $65.90 per share, with a total value of $32,950.00. Following the completion of the acquisition, the director now directly owns 500 shares in the company, valued at approximately $32,950. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Douglas A. Pertz purchased 4,575 shares of the business's stock in a transaction dated Monday, June 12th. The stock was bought at an average cost of $66.02 per share, with a total value of $302,041.50. Following the completion of the acquisition, the director now owns 12,831 shares of the company's stock, valued at $847,102.62. The disclosure for this purchase can be found here. Insiders have acquired a total of 5,463 shares of company stock worth $359,924 over the last three months. 0.63% of the stock is currently owned by corporate insiders.

Shares of AAP traded down $4.08 during mid-day trading on Wednesday, reaching $69.64. The company's stock had a trading volume of 2,749,682 shares, compared to its average volume of 1,892,669. Advance Auto Parts, Inc. has a 12-month low of $63.56 and a 12-month high of $212.25. The stock has a market cap of $4.14 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 1.09 and a beta of 1.08. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.24 and a quick ratio of 0.24. The company's 50 day moving average is $73.82 and its 200 day moving average is $111.64.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its quarterly earnings results on Wednesday, May 31st. The company reported $0.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.60 by ($1.88). The firm had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.43 billion. Advance Auto Parts had a return on equity of 22.67% and a net margin of 3.61%. During the same quarter in the prior year, the business earned $3.57 EPS. Equities analysts anticipate that Advance Auto Parts, Inc. will post 6 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, July 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.44%. Advance Auto Parts's dividend payout ratio is presently 14.86%.

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.

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