Pzena Investment Management LLC Buys 362,239 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

Pzena Investment Management LLC boosted its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP - Free Report) by 12.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,270,897 shares of the company's stock after buying an additional 362,239 shares during the period. Pzena Investment Management LLC owned approximately 5.48% of Advance Auto Parts worth $154,681,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AAP. Crossmark Global Holdings Inc. raised its holdings in Advance Auto Parts by 45.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,909 shares of the company's stock worth $387,000 after acquiring an additional 3,088 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Advance Auto Parts by 35.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 40,390 shares of the company's stock worth $1,575,000 after purchasing an additional 10,623 shares during the last quarter. Wolverine Asset Management LLC boosted its position in shares of Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company's stock valued at $1,223,000 after buying an additional 21,320 shares during the last quarter. Versor Investments LP purchased a new position in Advance Auto Parts in the 3rd quarter worth about $781,000. Finally, Victory Capital Management Inc. lifted its stake in Advance Auto Parts by 24.9% during the 3rd quarter. Victory Capital Management Inc. now owns 56,016 shares of the company's stock valued at $2,184,000 after acquiring an additional 11,183 shares during the period. Institutional investors own 88.75% of the company's stock.

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Wall Street Analysts Forecast Growth

AAP has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of Advance Auto Parts from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. DA Davidson reiterated a "neutral" rating and set a $45.00 price objective on shares of Advance Auto Parts in a research report on Friday, November 15th. Evercore ISI reduced their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating for the company in a research report on Tuesday. Truist Financial reduced their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Finally, BMO Capital Markets reduced their price target on shares of Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $45.13.

Insider Activity

In other news, Director Eugene I. Lee, Jr. bought 14,640 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the transaction, the director now owns 34,070 shares of the company's stock, valued at $1,163,490.50. The trade was a 75.35 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.35% of the company's stock.

Advance Auto Parts Price Performance

AAP stock traded up $0.87 during midday trading on Wednesday, hitting $37.39. The company's stock had a trading volume of 1,220,716 shares, compared to its average volume of 2,311,273. Advance Auto Parts, Inc. has a 12 month low of $33.08 and a 12 month high of $88.56. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 50.86, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The company has a 50 day moving average of $44.56 and a two-hundred day moving average of $42.36.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.67%. Advance Auto Parts's dividend payout ratio is currently -17.86%.

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.