Advance Auto Parts, Inc. (NYSE:AAP) Short Interest Update

Advance Auto Parts, Inc. (NYSE:AAP) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 8,590,000 shares, a drop of 19.7% from the November 15th total of 10,700,000 shares. Approximately 14.5% of the company’s shares are short sold. Based on an average daily trading volume, of 2,830,000 shares, the short-interest ratio is presently 3.0 days.

Advance Auto Parts Stock Down 1.5 %

AAP stock opened at $43.20 on Monday. The company’s 50 day moving average price is $40.24 and its 200 day moving average price is $49.92. 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 firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 60.08 and a beta of 1.21. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.53). The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. Advance Auto Parts’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.82) earnings per share. On average, equities research analysts anticipate that Advance Auto Parts will post -0.54 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s payout ratio is currently 136.99%.

Insider Buying and Selling

In other news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the sale, the executive vice president now directly owns 24,266 shares in the company, valued at approximately $1,069,159.96. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several large investors have recently modified their holdings of AAP. Pzena Investment Management LLC raised its position in Advance Auto Parts by 140.3% in the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after acquiring an additional 1,698,155 shares in the last quarter. Dorsal Capital Management LP increased its position in shares of Advance Auto Parts by 159.7% in the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after buying an additional 768,664 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Advance Auto Parts by 76.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after buying an additional 547,696 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Advance Auto Parts during the third quarter valued at $17,477,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Advance Auto Parts during the third quarter valued at $14,684,000. 88.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AAP shares. BMO Capital Markets began coverage on shares of Advance Auto Parts in a research note on Friday. They issued a “market perform” rating and a $45.00 target price for the company. Wells Fargo & Company cut their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. The Goldman Sachs Group cut their target price on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, Truist Financial cut their target price on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $48.40.

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.