Invenomic Capital Management LP Takes $3.34 Million Position in Advance Auto Parts, Inc. (NYSE:AAP)

Invenomic Capital Management LP acquired a new stake in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 85,716 shares of the company's stock, valued at approximately $3,342,000. Invenomic Capital Management LP owned about 0.14% of Advance Auto Parts at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Pzena Investment Management LLC boosted its holdings 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 valued at $113,409,000 after purchasing an additional 1,698,155 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Advance Auto Parts by 76.2% during the 2nd 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 during the last quarter. Dorsal Capital Management LP grew its position in shares of Advance Auto Parts by 159.7% during the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company's stock worth $79,162,000 after buying an additional 768,664 shares in the last quarter. Royce & Associates LP raised its holdings in Advance Auto Parts by 31.7% in the third quarter. Royce & Associates LP now owns 1,075,587 shares of the company's stock valued at $41,937,000 after acquiring an additional 258,656 shares in the last quarter. Finally, Legion Partners Asset Management LLC boosted its stake in Advance Auto Parts by 1.7% during the 2nd quarter. Legion Partners Asset Management LLC now owns 786,250 shares of the company's stock valued at $49,793,000 after acquiring an additional 13,300 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wedbush restated an "outperform" rating and issued a $55.00 target price on shares of Advance Auto Parts in a research note on Friday, November 15th. Evercore ISI increased their target price on Advance Auto Parts from $45.00 to $60.00 and gave the stock a "hold" rating in a report on Wednesday, November 20th. DA Davidson reiterated a "neutral" rating and issued a $45.00 price target on shares of Advance Auto Parts in a report on Friday, November 15th. Roth Mkm reissued a "neutral" rating and set a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a "neutral" rating for the company in a report 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $48.64.

Advance Auto Parts Stock Performance

AAP traded up $1.39 during trading hours on Wednesday, hitting $44.03. The company's stock had a trading volume of 1,068,391 shares, compared to its average volume of 2,073,313. The company has a 50-day simple moving average of $39.28 and a 200 day simple moving average of $51.28. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $2.63 billion, a PE ratio of 58.43 and a beta of 1.21. Advance Auto Parts, Inc. has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.53). The business had revenue of $2.15 billion for 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 for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the business posted ($0.82) earnings per share. As a group, sell-side analysts expect that Advance Auto Parts, Inc. will post -0.51 EPS for the current year.

Advance Auto Parts Dividend Announcement

The business 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 2.27%. The ex-dividend date is Friday, January 10th. Advance Auto Parts's dividend payout ratio (DPR) is presently 136.99%.

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.