Wedbush Securities Inc. raised its position in Advance Auto Parts, Inc. (NYSE:AAP) by 29.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,338 shares of the company’s stock after acquiring an additional 757 shares during the quarter. Wedbush Securities Inc.’s holdings in Advance Auto Parts were worth $515,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AAP. Clearbridge Investments LLC lifted its stake in Advance Auto Parts by 228.9% in the first quarter. Clearbridge Investments LLC now owns 1,398,815 shares of the company’s stock valued at $238,540,000 after acquiring an additional 973,543 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Advance Auto Parts by 114.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,209,134 shares of the company’s stock worth $206,194,000 after buying an additional 644,911 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Advance Auto Parts by 26.7% during the 1st quarter. American Century Companies Inc. now owns 1,454,058 shares of the company’s stock worth $247,961,000 after buying an additional 306,824 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Advance Auto Parts during the 1st quarter worth about $41,903,000. Finally, Manning & Napier Group LLC acquired a new stake in Advance Auto Parts in the 2nd quarter worth about $27,472,000. Hedge funds and other institutional investors own 99.11% of the company’s stock.
AAP has been the subject of several analyst reports. Northcoast Research reiterated a “neutral” rating on shares of Advance Auto Parts in a research note on Thursday, June 27th. Wells Fargo & Co reiterated a “hold” rating and issued a $175.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, May 22nd. Royal Bank of Canada dropped their price objective on shares of Advance Auto Parts to $178.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Goldman Sachs Group initiated coverage on shares of Advance Auto Parts in a research note on Thursday, July 11th. They issued a “sell” rating and a $151.00 price objective for the company. Finally, Credit Suisse Group dropped their price objective on shares of Advance Auto Parts from $195.00 to $162.00 and set an “outperform” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. Advance Auto Parts presently has an average rating of “Buy” and an average price target of $181.28.
Advance Auto Parts (NYSE:AAP) last released its earnings results on Tuesday, August 13th. The company reported $2.00 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.52% and a return on equity of 15.16%. The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the business earned $1.97 earnings per share. Advance Auto Parts’s quarterly revenue was up .2% compared to the same quarter last year. As a group, equities analysts expect that Advance Auto Parts, Inc. will post 8.03 earnings per share for the current fiscal year.
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.
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