Advance Auto Parts (NYSE:AAP) Shares Up 4.7% Following Insider Buying Activity

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price shot up 4.7% during trading on Monday following insider buying activity. The company traded as high as $37.22 and last traded at $37.02. 507,306 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 2,227,769 shares. The stock had previously closed at $35.37.

Specifically, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the acquisition, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This represents a 75.35 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AAP. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Advance Auto Parts in a report on Monday, March 3rd. BMO Capital Markets cut their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Citigroup cut their target price on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. DA Davidson restated a “neutral” rating and issued a $45.00 target price on shares of Advance Auto Parts in a research note on Friday, November 15th. Finally, Barclays cut their target price on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.13.

Advance Auto Parts Stock Down 0.1 %

The firm has a fifty day moving average price of $44.78 and a 200 day moving average price of $42.45. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The company has a market cap of $2.18 billion, a P/E ratio of 50.04, a PEG ratio of 1.98 and a beta of 1.27.

Advance Auto Parts Dividend Announcement

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 $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is -17.86%.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in Advance Auto Parts by 34.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock valued at $316,160,000 after acquiring an additional 1,706,328 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in 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 worth $163,129,000 after buying an additional 347,587 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Advance Auto Parts by 12.5% during the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock worth $154,681,000 after buying an additional 362,239 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Advance Auto Parts by 12.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock worth $129,016,000 after buying an additional 297,741 shares during the last quarter. Finally, Eminence Capital LP bought a new position in Advance Auto Parts during the fourth quarter worth about $87,214,000. Institutional investors own 88.75% of the company’s stock.

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.