Advance Auto Parts, Inc. (NYSE:AAP) Sees Large Drop in Short Interest

Advance Auto Parts, Inc. (NYSE:AAP) saw a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 8,440,000 shares, a decline of 14.5% from the February 13th total of 9,870,000 shares. Approximately 14.3% of the shares of the company are short sold. Based on an average trading volume of 2,220,000 shares, the short-interest ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AAP shares. Evercore ISI reduced their price objective on Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating for the company in a research report on Tuesday, March 11th. Barclays reduced their price target on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Citigroup lowered their price target on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada decreased their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on shares of Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.13.

Advance Auto Parts Stock Down 2.0 %

Advance Auto Parts stock traded down $0.77 during mid-day trading on Wednesday, hitting $36.95. The company’s stock had a trading volume of 1,773,693 shares, compared to its average volume of 2,296,240. Advance Auto Parts has a 52-week low of $33.08 and a 52-week high of $88.56. The company has a market cap of $2.21 billion, a PE ratio of 50.62, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The firm’s 50 day moving average is $43.63 and its 200 day moving average is $42.04.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a $0.25 dividend. The ex-dividend date is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.71%. Advance Auto Parts’s payout ratio is -17.86%.

Insider Buying and Selling at Advance Auto Parts

In other news, CEO Shane M. Okelly purchased 1,500 shares of Advance Auto Parts stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now owns 183,121 shares in the company, valued at $6,737,021.59. The trade was a 0.83 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eugene I. Lee, Jr. purchased 14,640 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $34.15 per share, with a total value of $499,956.00. Following the transaction, the director now directly 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 currently owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. Eminence Capital LP bought a new stake in shares of Advance Auto Parts in the fourth quarter valued at approximately $87,214,000. Price T Rowe Associates Inc. MD raised its position in shares of Advance Auto Parts by 34.3% during 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 buying an additional 1,706,328 shares during the last quarter. Pzena Investment Management LLC raised its holdings in Advance Auto Parts by 140.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock valued at $113,409,000 after acquiring an additional 1,698,155 shares in the last quarter. Cooper Creek Partners Management LLC bought a new stake in shares of Advance Auto Parts in the 4th quarter worth approximately $75,055,000. Finally, Marshall Wace LLP increased its position in shares of Advance Auto Parts by 2,585.1% during the fourth quarter. Marshall Wace LLP now owns 1,353,912 shares of the company’s stock valued at $64,026,000 after purchasing an additional 1,303,488 shares during the period. Institutional investors own 88.75% of the company’s stock.

About Advance Auto Parts

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.