Federated Hermes Inc. Sells 449,141 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Federated Hermes Inc. lowered its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 57.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 337,583 shares of the company's stock after selling 449,141 shares during the period. Federated Hermes Inc. owned approximately 0.57% of Advance Auto Parts worth $15,964,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AAP. CIBC Asset Management Inc lifted its position in shares of Advance Auto Parts by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 5,865 shares of the company's stock valued at $277,000 after acquiring an additional 221 shares during the period. Yousif Capital Management LLC boosted its position in shares of Advance Auto Parts by 1.1% during the 4th quarter. Yousif Capital Management LLC now owns 26,258 shares of the company's stock worth $1,242,000 after purchasing an additional 281 shares in the last quarter. Ingalls & Snyder LLC grew its stake in shares of Advance Auto Parts by 5.0% in the 4th quarter. Ingalls & Snyder LLC now owns 6,680 shares of the company's stock valued at $316,000 after buying an additional 317 shares during the period. Versant Capital Management Inc increased its position 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 in the last quarter. Finally, Blue Trust Inc. raised its stake in Advance Auto Parts by 38.9% during the 4th quarter. Blue Trust Inc. now owns 1,674 shares of the company's stock worth $79,000 after buying an additional 469 shares during the period. 88.75% of the stock is currently owned by institutional investors.

Advance Auto Parts Price Performance

NYSE AAP traded up $0.02 during trading hours on Tuesday, reaching $32.90. 382,298 shares of the stock traded hands, compared to its average volume of 2,213,189. The stock has a 50 day simple moving average of $38.88 and a two-hundred day simple moving average of $41.27. Advance Auto Parts, Inc. has a 1 year low of $28.89 and a 1 year high of $79.41. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 45.03, a price-to-earnings-growth ratio of 1.98 and a beta of 1.07.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders 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 annualized dividend and a dividend yield of 3.04%. Advance Auto Parts's dividend payout ratio is currently -17.86%.

Insiders Place Their Bets

In other news, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $34.15 per share, with a total value of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This represents a 75.35 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shane M. Okelly purchased 1,500 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, with a total value of $55,185.00. Following the transaction, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AAP. BMO Capital Markets cut their target price on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada decreased 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. Truist Financial cut their target price on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company lifted their price objective on shares of Advance Auto Parts from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. Finally, Citigroup decreased their price target on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $45.13.

Advance Auto Parts 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.