Raymond James Financial Inc. Takes $8.82 Million Position in Advance Auto Parts, Inc. (NYSE:AAP)

Raymond James Financial Inc. bought a new position in Advance Auto Parts, Inc. (NYSE:AAP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 186,544 shares of the company's stock, valued at approximately $8,822,000. Raymond James Financial Inc. owned approximately 0.31% of Advance Auto Parts at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Allianz Asset Management GmbH raised its holdings in shares of Advance Auto Parts by 244.7% in the 4th quarter. Allianz Asset Management GmbH now owns 740,234 shares of the company's stock worth $35,006,000 after buying an additional 525,504 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Advance Auto Parts by 18.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 649,919 shares of the company's stock valued at $30,735,000 after purchasing an additional 100,445 shares in the last quarter. Clearline Capital LP increased its holdings in Advance Auto Parts by 9.8% during the 3rd quarter. Clearline Capital LP now owns 445,244 shares of the company's stock valued at $17,360,000 after purchasing an additional 39,699 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Advance Auto Parts by 2.4% during the 4th quarter. Principal Financial Group Inc. now owns 287,732 shares of the company's stock valued at $13,607,000 after purchasing an additional 6,867 shares in the last quarter. Finally, Goodman Financial Corp increased its holdings in Advance Auto Parts by 34.0% during the 3rd quarter. Goodman Financial Corp now owns 235,379 shares of the company's stock valued at $9,178,000 after purchasing an additional 59,676 shares in the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. BMO Capital Markets dropped their price target on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating for the company in a report on Thursday, February 27th. Royal Bank of Canada dropped their price target 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. Wedbush reaffirmed an "outperform" rating and set a $55.00 price target on shares of Advance Auto Parts in a report on Monday, March 3rd. Citigroup lowered their target price on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Finally, Evercore ISI lowered their target price on Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating for the company in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $45.13.

Insiders Place Their Bets

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

Advance Auto Parts Trading Down 0.6 %

Shares of NYSE:AAP traded down $0.22 during midday trading on Friday, hitting $37.43. The company had a trading volume of 1,934,360 shares, compared to its average volume of 2,110,785. Advance Auto Parts, Inc. has a 12 month low of $33.08 and a 12 month high of $87.36. 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 stock has a market cap of $2.24 billion, a price-to-earnings ratio of 51.27, a PEG ratio of 1.98 and a beta of 1.27. The firm has a fifty day simple moving average of $43.12 and a 200 day simple moving average of $41.91.

Advance Auto Parts Announces Dividend

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

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.