Dark Forest Capital Management LP Buys Shares of 19,196 Advance Auto Parts, Inc. (NYSE:AAP)

Dark Forest Capital Management LP purchased a new stake in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,196 shares of the company's stock, valued at approximately $1,216,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Third Point LLC acquired a new stake in Advance Auto Parts during the first quarter worth approximately $127,234,000. Dorsal Capital Management LP increased its stake in shares of Advance Auto Parts by 159.7% in the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company's stock valued at $79,162,000 after acquiring an additional 768,664 shares in the last quarter. Capital World Investors lifted 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 valued at $130,522,000 after acquiring an additional 615,674 shares during the period. Norges Bank acquired a new stake in Advance Auto Parts in the fourth quarter worth $37,522,000. Finally, Dimensional Fund Advisors LP increased its stake in 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 purchasing an additional 547,696 shares in the last quarter. 88.75% of the stock is owned by institutional investors.

Advance Auto Parts Stock Up 2.2 %

AAP stock traded up $0.87 on Thursday, hitting $40.47. 1,661,619 shares of the company's stock were exchanged, compared to its average volume of 1,868,547. The firm has a 50 day moving average price of $51.76 and a two-hundred day moving average price of $64.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23. Advance Auto Parts, Inc. has a 12-month low of $37.51 and a 12-month high of $88.56. The stock has a market cap of $2.41 billion, a P/E ratio of 57.39, a price-to-earnings-growth ratio of 1.32 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.67 billion. During the same period in the prior year, the business posted $1.43 EPS. The company's quarterly revenue was down .1% on a year-over-year basis. As a group, equities research analysts expect that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently announced 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 2.47%. The ex-dividend date is Friday, October 11th. Advance Auto Parts's payout ratio is currently 144.93%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AAP shares. Evercore ISI dropped their price target on shares of Advance Auto Parts from $64.00 to $60.00 and set an "in-line" rating on the stock in a research report on Friday, August 23rd. Truist Financial dropped their price target on Advance Auto Parts from $63.00 to $46.00 and set a "hold" rating on the stock in a report on Friday, August 23rd. TD Cowen decreased their target price on 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. Royal Bank of Canada decreased their target price on Advance Auto Parts from $68.00 to $65.00 and set a "sector perform" rating for the company in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating and fourteen have assigned a hold 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 $56.54.

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.