Phocas Financial Corp. Cuts Stake in Advance Auto Parts, Inc. (NYSE:AAP)

Phocas Financial Corp. cut its position in Advance Auto Parts, Inc. (NYSE:AAP) by 5.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 96,853 shares of the company’s stock after selling 6,104 shares during the period. Phocas Financial Corp. owned approximately 0.16% of Advance Auto Parts worth $3,776,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AAP. Wolverine Asset Management LLC boosted its stake in Advance Auto Parts by 212.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock valued at $1,223,000 after purchasing an additional 21,320 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in Advance Auto Parts in the 2nd quarter worth about $7,916,000. Renaissance Technologies LLC lifted its stake in Advance Auto Parts by 26.9% during the 2nd quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock valued at $11,745,000 after acquiring an additional 39,300 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Advance Auto Parts during the 3rd quarter valued at about $17,477,000. Finally, AQR Capital Management LLC raised its holdings in shares of Advance Auto Parts by 31.0% during the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock valued at $14,740,000 after purchasing an additional 55,226 shares during the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Stock Up 6.4 %

AAP opened at $40.10 on Tuesday. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. Advance Auto Parts, Inc. has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a market cap of $2.40 billion, a PE ratio of 54.93, a price-to-earnings-growth ratio of 1.19 and a beta of 1.17. The company has a 50-day moving average price of $39.02 and a 200 day moving average price of $54.11.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.49 by ($0.53). The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.82) earnings per share. Sell-side analysts expect that Advance Auto Parts, Inc. will post 2.26 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.00 annualized dividend and a dividend yield of 2.49%. Advance Auto Parts’s payout ratio is 136.99%.

Wall Street Analysts Forecast Growth

AAP has been the subject of a number of research reports. Royal Bank of Canada decreased their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday, November 11th. Truist Financial cut their price target on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research note on Friday. Mizuho reaffirmed a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. The Goldman Sachs Group dropped their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.14.

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.