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

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Advance Auto Parts, Inc. (NYSE:AAP) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 4,178,800 shares, an increase of 23.6% from the June 30th total of 3,380,500 shares. Approximately 5.9% of the company’s shares are short sold. Based on an average trading volume of 1,170,000 shares, the short-interest ratio is currently 3.6 days.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in shares of Advance Auto Parts by 125.1% during the second quarter. JPMorgan Chase & Co. now owns 2,721,715 shares of the company’s stock valued at $412,910,000 after purchasing an additional 1,512,581 shares during the period. Clearbridge Investments LLC raised its stake in shares of Advance Auto Parts by 228.9% during the first quarter. Clearbridge Investments LLC now owns 1,398,815 shares of the company’s stock valued at $238,540,000 after purchasing an additional 973,543 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Advance Auto Parts by 16.9% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,379,461 shares of the company’s stock valued at $675,051,000 after purchasing an additional 634,441 shares during the period. Bank of America Corp DE raised its stake in shares of Advance Auto Parts by 81.3% during the second quarter. Bank of America Corp DE now owns 870,271 shares of the company’s stock valued at $134,144,000 after purchasing an additional 390,177 shares during the period. Finally, BlackRock Inc. raised its stake in shares of Advance Auto Parts by 7.2% during the second quarter. BlackRock Inc. now owns 5,326,148 shares of the company’s stock valued at $820,972,000 after purchasing an additional 358,324 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

AAP has been the topic of several recent analyst reports. Northcoast Research reiterated a “neutral” rating on shares of Advance Auto Parts in a report on Thursday, June 27th. UBS Group cut their price objective on shares of Advance Auto Parts from $205.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday. Credit Suisse Group reiterated an “outperform” rating and set a $162.00 price objective (down from $195.00) on shares of Advance Auto Parts in a report on Wednesday. Wedbush reiterated an “outperform” rating and set a $200.00 price objective on shares of Advance Auto Parts in a report on Thursday, July 11th. Finally, William Blair reiterated an “outperform” rating on shares of Advance Auto Parts in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $181.28.

NYSE AAP opened at $137.36 on Thursday. Advance Auto Parts has a one year low of $130.09 and a one year high of $186.15. The firm has a 50 day simple moving average of $152.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.35 and a quick ratio of 0.31. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 1.52 and a beta of 0.87.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.45% and a return on equity of 15.23%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the business posted $1.97 EPS. The company’s quarterly revenue was up .2% on a year-over-year basis. As a group, sell-side analysts anticipate that Advance Auto Parts will post 8.19 earnings per share for the current fiscal year.

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.

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