Renaissance Technologies LLC Boosts Stock Holdings in Advance Auto Parts, Inc. (NYSE:AAP)

Renaissance Technologies LLC raised its holdings in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 26.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,450 shares of the company's stock after buying an additional 39,300 shares during the period. Renaissance Technologies LLC owned about 0.31% of Advance Auto Parts worth $11,745,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Third Point LLC purchased a new stake in shares of Advance Auto Parts in the first quarter valued at approximately $127,234,000. Capital World Investors grew its position in shares of Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company's stock worth $130,522,000 after buying an additional 615,674 shares in the last quarter. Norges Bank purchased a new position in shares of Advance Auto Parts during the fourth quarter valued at $37,522,000. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 547,696 shares in the last quarter. Finally, Anchor Capital Advisors LLC purchased a new stake in Advance Auto Parts in the first quarter worth about $34,332,000. Institutional investors own 88.75% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. StockNews.com raised shares of Advance Auto Parts from a "sell" rating to a "hold" rating in a report on Thursday, May 30th. Truist Financial reduced their price target on Advance Auto Parts from $63.00 to $46.00 and set a "hold" rating for the company in a research report on Friday, August 23rd. Bank of America lifted their target price on Advance Auto Parts from $51.00 to $55.00 and gave the company an "underperform" rating in a research note on Thursday, May 30th. TD Cowen decreased their price target on shares of Advance Auto Parts from $65.00 to $55.00 and set a "hold" rating for the company in a research report on Friday, August 23rd. Finally, UBS Group lifted their price objective on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating and fourteen have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $56.54.

Advance Auto Parts Stock Performance

AAP traded down $0.42 on Monday, reaching $40.57. 1,898,419 shares of the stock were exchanged, compared to its average volume of 1,867,824. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The company's 50-day moving average price is $52.71 and its 200 day moving average price is $65.21. The firm has a market capitalization of $2.42 billion, a PE ratio of 58.80, a PEG ratio of 1.26 and a beta of 1.17. Advance Auto Parts, Inc. has a fifty-two week low of $37.51 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, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. Advance Auto Parts's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company posted $1.43 EPS. As a group, sell-side analysts forecast that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, October 11th. Advance Auto Parts's payout ratio is 144.93%.

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.