Advance Auto Parts (NYSE:AAP) Shares Up 4.7% After Insider Buying Activity

Advance Auto Parts, Inc. (NYSE:AAP - Get Free Report) was up 4.7% during mid-day trading on Monday following insider buying activity. The stock traded as high as $37.22 and last traded at $37.02. Approximately 507,306 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 2,227,769 shares. The stock had previously closed at $35.37.

Specifically, Director Eugene I. Lee, Jr. bought 14,640 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the purchase, the director now owns 34,070 shares of the company's stock, valued at approximately $1,163,490.50. This trade represents a 75.35 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AAP. Truist Financial dropped their price objective on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Wedbush reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. BMO Capital Markets dropped their price objective on shares of Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a research report on Thursday, February 27th. Barclays decreased their price target on shares of Advance Auto Parts from $66.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 9th. Finally, Royal Bank of Canada reduced their price objective on Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and a consensus price target of $45.13.

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Advance Auto Parts Trading Up 3.1 %

The business's 50 day simple moving average is $44.56 and its two-hundred day simple moving average is $42.36. The stock has a market cap of $2.25 billion, a P/E ratio of 51.60, a PEG ratio of 1.98 and a beta of 1.27. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. Advance Auto Parts's payout ratio is presently -17.86%.

Institutional Trading of Advance Auto Parts

A number of hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Advance Auto Parts by 207.4% in the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company's stock valued at $26,000 after buying an additional 365 shares during the last quarter. Allworth Financial LP increased its position in Advance Auto Parts by 1,543.4% in the 4th quarter. Allworth Financial LP now owns 871 shares of the company's stock valued at $40,000 after acquiring an additional 818 shares during the period. Vision Financial Markets LLC acquired a new position in shares of Advance Auto Parts during the fourth quarter worth $42,000. Advisory Services Network LLC bought a new stake in shares of Advance Auto Parts in the fourth quarter worth $46,000. Finally, KBC Group NV grew its stake in shares of Advance Auto Parts by 29.1% in the third quarter. KBC Group NV now owns 1,749 shares of the company's stock worth $68,000 after purchasing an additional 394 shares during the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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.