The Manufacturers Life Insurance Company Purchases 369 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

The Manufacturers Life Insurance Company raised its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 13,127 shares of the company’s stock after purchasing an additional 369 shares during the period. The Manufacturers Life Insurance Company’s holdings in Advance Auto Parts were worth $831,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. BW Gestao de Investimentos Ltda. bought a new stake in Advance Auto Parts in the second quarter worth $7,916,000. Renaissance Technologies LLC raised its holdings in Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after buying an additional 39,300 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Advance Auto Parts by 31.0% in the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after buying an additional 55,226 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Advance Auto Parts in the first quarter worth approximately $1,172,000. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Advance Auto Parts by 24.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock valued at $6,555,000 after acquiring an additional 15,093 shares in the last quarter. Institutional investors own 88.75% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Evercore ISI lowered their price objective on Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating on the stock in a research report on Friday, August 23rd. Wedbush reaffirmed a “neutral” rating and set a $55.00 price target (down from $65.00) on shares of Advance Auto Parts in a report on Friday, August 23rd. Mizuho reiterated a “neutral” rating and issued a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. TD Cowen lowered their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Finally, Truist Financial dropped their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and fourteen have issued a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.54.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $37.53 on Monday. The stock has a market cap of $2.24 billion, a P/E ratio of 54.39, a P/E/G ratio of 1.25 and a beta of 1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23. The stock’s fifty day moving average is $46.43 and its 200 day moving average is $60.96. Advance Auto Parts, Inc. has a one year low of $36.40 and a one year high of $88.56.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period last year, the business earned $1.43 EPS. Sell-side analysts anticipate that Advance Auto Parts, Inc. will post 2.19 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a $0.25 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.66%. Advance Auto Parts’s payout ratio is currently 144.93%.

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.