Legion Partners Asset Management LLC Sells 22,000 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Legion Partners Asset Management LLC decreased its position in Advance Auto Parts, Inc. (NYSE:AAP) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 800,750 shares of the company’s stock after selling 22,000 shares during the quarter. Advance Auto Parts accounts for about 0.0% of Legion Partners Asset Management LLC’s holdings, making the stock its 7th biggest holding. Legion Partners Asset Management LLC owned 1.34% of Advance Auto Parts worth $38,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AAP. Allworth Financial LP raised its holdings in Advance Auto Parts by 1,543.4% during the fourth quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after purchasing an additional 818 shares in the last quarter. Vision Financial Markets LLC acquired a new stake in Advance Auto Parts during the fourth quarter worth approximately $42,000. Advisory Services Network LLC acquired a new stake in Advance Auto Parts during the fourth quarter worth approximately $46,000. GAMMA Investing LLC raised its holdings in Advance Auto Parts by 198.3% during the fourth quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock worth $74,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Advance Auto Parts by 38.9% during the fourth quarter. Blue Trust Inc. now owns 1,674 shares of the company’s stock worth $79,000 after purchasing an additional 469 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

Analyst Ratings Changes

AAP has been the topic of a number of research reports. Citigroup lowered their target price on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets lowered their target price 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. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research report on Monday, March 3rd. Evercore ISI lowered their target price on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 11th. Finally, Truist Financial lowered their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and an average price target of $45.13.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $30.90 on Monday. The firm has a market capitalization of $1.85 billion, a P/E ratio of 42.33, a PEG ratio of 1.98 and a beta of 0.93. Advance Auto Parts, Inc. has a one year low of $28.89 and a one year high of $77.49. The company’s fifty day moving average is $34.61 and its two-hundred day moving average is $40.42. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Friday, April 11th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 3.24%. Advance Auto Parts’s payout ratio is currently -17.86%.

Insiders Place Their Bets

In other news, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $34.15 per share, with a total value of $499,956.00. Following the purchase, the director now directly owns 34,070 shares of the company’s stock, valued at $1,163,490.50. This represents a 75.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shane M. Okelly purchased 1,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, with a total value of $55,185.00. Following the purchase, the chief executive officer now directly owns 183,121 shares in the company, valued at approximately $6,737,021.59. The trade was a 0.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.35% 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.