Payden & Rygel Reduces Stock Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Payden & Rygel reduced its holdings in Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) by 83.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,400 shares of the company’s stock after selling 94,600 shares during the period. Payden & Rygel’s holdings in Advance Auto Parts were worth $3,808,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Advance Auto Parts by 2.6% in the 4th quarter. State Street Corp now owns 2,929,142 shares of the company’s stock valued at $705,541,000 after acquiring an additional 74,627 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Advance Auto Parts by 2.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,883,817 shares of the company’s stock valued at $451,890,000 after acquiring an additional 53,418 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Advance Auto Parts by 2.7% in the 4th quarter. Bessemer Group Inc. now owns 1,130,252 shares of the company’s stock valued at $271,126,000 after acquiring an additional 29,469 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Advance Auto Parts by 4.1% in the 4th quarter. Bank of America Corp DE now owns 999,493 shares of the company’s stock valued at $239,759,000 after acquiring an additional 39,329 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Advance Auto Parts by 15.0% in the 4th quarter. Invesco Ltd. now owns 919,397 shares of the company’s stock valued at $220,546,000 after acquiring an additional 119,664 shares during the last quarter. 98.99% of the stock is currently owned by institutional investors and hedge funds.

Shares of AAP traded up $4.26 during trading on Thursday, reaching $178.92. 3,369 shares of the company traded hands, compared to its average volume of 773,417. Advance Auto Parts, Inc. has a twelve month low of $164.00 and a twelve month high of $244.55. The stock has a market cap of $10.85 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 0.99 and a beta of 1.23. The stock has a 50-day simple moving average of $196.99 and a 200-day simple moving average of $213.89. The company has a quick ratio of 0.25, a current ratio of 1.20 and a debt-to-equity ratio of 0.41.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its quarterly earnings data on Monday, May 23rd. The company reported $3.57 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.02). Advance Auto Parts had a net margin of 5.16% and a return on equity of 24.74%. The business had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the previous year, the business posted $3.34 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts predict that Advance Auto Parts, Inc. will post 13.68 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 17th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Thursday, June 16th. Advance Auto Parts’s payout ratio is 66.82%.

A number of brokerages recently issued reports on AAP. Citigroup lowered their price target on shares of Advance Auto Parts from $294.00 to $250.00 in a report on Friday, May 13th. StockNews.com downgraded shares of Advance Auto Parts from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. Raymond James lowered their price target on shares of Advance Auto Parts from $275.00 to $250.00 in a report on Wednesday, May 25th. Wedbush lowered their price target on shares of Advance Auto Parts from $270.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 24th. Finally, Stephens lowered their price target on shares of Advance Auto Parts from $246.00 to $215.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 25th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $242.17.

Advance Auto Parts Company Profile (Get Rating)

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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