Advance Auto Parts Sees Unusually Large Options Volume (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) was the target of unusually large options trading activity on Thursday. Stock investors purchased 9,998 call options on the stock. This is an increase of 50% compared to the typical daily volume of 6,645 call options.

Insider Buying and Selling

In other Advance Auto Parts news, CEO Shane M. Okelly purchased 1,500 shares of Advance Auto Parts stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price of $36.79 per share, with a total value of $55,185.00. Following the transaction, the chief executive officer now owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of the stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the acquisition, the director now owns 34,070 shares of the company’s stock, valued at approximately $1,163,490.50. The trade was a 75.35 % increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its holdings in shares of Advance Auto Parts by 75.9% during the 4th quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock worth $100,000 after acquiring an additional 914 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Advance Auto Parts during the fourth quarter worth about $1,196,000. Maple Rock Capital Partners Inc. purchased a new position in shares of Advance Auto Parts in the 3rd quarter worth about $9,046,000. FORA Capital LLC bought a new position in shares of Advance Auto Parts during the 3rd quarter valued at about $2,144,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Advance Auto Parts during the 4th quarter valued at about $8,822,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock traded up $2.85 during trading on Thursday, hitting $40.67. The stock had a trading volume of 2,373,683 shares, compared to its average volume of 2,105,726. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 55.33, a P/E/G ratio of 1.98 and a beta of 1.27. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. The business’s 50-day moving average is $42.73 and its 200 day moving average is $41.85. Advance Auto Parts has a 12 month low of $33.08 and a 12 month high of $86.47.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. BMO Capital Markets dropped their price target on shares of Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada cut their target price on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a research report on Monday, March 3rd. Truist Financial dropped their price objective on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, Evercore ISI reduced their target price on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating for the company in a research note on Tuesday, March 11th. 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 company. According to data from MarketBeat, Advance Auto Parts currently has an average rating of “Hold” and an average target price of $45.13.

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.