Clearline Capital LP Purchases 39,699 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Clearline Capital LP increased its position in Advance Auto Parts, Inc. (NYSE:AAP) by 9.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 445,244 shares of the company’s stock after purchasing an additional 39,699 shares during the period. Advance Auto Parts makes up 0.7% of Clearline Capital LP’s investment portfolio, making the stock its 21st largest holding. Clearline Capital LP’s holdings in Advance Auto Parts were worth $17,360,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Advance Auto Parts in the third quarter valued at $14,684,000. 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. Quest Partners LLC bought a new stake in Advance Auto Parts during the 3rd quarter worth approximately $579,000. BW Gestao de Investimentos Ltda. bought a new position in shares of Advance Auto Parts in the second quarter valued at approximately $7,916,000. Finally, FORA Capital LLC purchased a new position in shares of Advance Auto Parts during the third quarter valued at approximately $2,144,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

Advance Auto Parts Trading Down 7.0 %

Shares of Advance Auto Parts stock opened at $41.35 on Monday. The stock has a market capitalization of $2.47 billion, a P/E ratio of 56.64 and a beta of 1.17. Advance Auto Parts, Inc. has a 52-week low of $35.59 and a 52-week high of $88.56. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The stock’s 50-day simple moving average is $39.21 and its 200 day simple moving average is $51.73.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the company posted ($0.82) EPS. As a group, research analysts anticipate that Advance Auto Parts, Inc. will post -0.51 EPS for the current year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 136.99%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AAP. Roth Mkm reissued a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Mizuho reiterated a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Evercore ISI boosted their price target on shares of Advance Auto Parts from $45.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, November 20th. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Finally, JPMorgan Chase & Co. cut their target price on 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 research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.64.

Advance Auto Parts Company 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.