Advance Auto Parts, Inc. (NYSE:AAP) Sees Significant Decrease in Short Interest

Advance Auto Parts, Inc. (NYSE:AAP - Get Free Report) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 8,440,000 shares, a drop of 14.5% from the February 13th total of 9,870,000 shares. Currently, 14.3% of the shares of the stock are sold short. Based on an average trading volume of 2,220,000 shares, the days-to-cover ratio is currently 3.8 days.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, CEO Shane M. Okelly purchased 1,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average cost of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now directly owns 183,121 shares of the company's stock, valued at $6,737,021.59. This represents a 0.83 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $34.15 per share, with a total value of $499,956.00. Following the completion of the acquisition, the director now directly 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 disclosure for this purchase can be found here. Company insiders own 0.35% of the company's stock.

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Hedge Funds Weigh In On Advance Auto Parts

Several institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in shares of Advance Auto Parts during the 4th quarter valued at about $811,000. United Advisor Group LLC bought a new position in shares of Advance Auto Parts during the 4th quarter valued at about $356,000. Mackenzie Financial Corp bought a new position in shares of Advance Auto Parts during the 4th quarter valued at about $953,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Advance Auto Parts by 6.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,961 shares of the company's stock valued at $7,470,000 after purchasing an additional 9,803 shares in the last quarter. Finally, Towle & Co. lifted its stake in Advance Auto Parts by 2.1% in the 4th quarter. Towle & Co. now owns 352,778 shares of the company's stock valued at $16,683,000 after acquiring an additional 7,123 shares in the last quarter. Institutional investors own 88.75% of the company's stock.

Advance Auto Parts Stock Down 0.6 %

Shares of NYSE:AAP traded down $0.22 during trading on Friday, hitting $37.43. 1,934,360 shares of the company's stock traded hands, compared to its average volume of 2,110,785. Advance Auto Parts has a 52 week low of $33.08 and a 52 week 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 company has a market cap of $2.24 billion, a price-to-earnings ratio of 51.27, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27. The company has a 50-day moving average price of $43.12 and a 200-day moving average price of $41.91.

Advance Auto Parts Dividend Announcement

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

Analysts Set New Price Targets

AAP has been the subject of a number of research analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $55.00 price target on shares of Advance Auto Parts in a report on Monday, March 3rd. Evercore ISI cut their price target on Advance Auto Parts from $37.00 to $35.00 and set an "in-line" rating for the company in a report on Tuesday, March 11th. Wells Fargo & Company lifted their price objective on Advance Auto Parts from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. Truist Financial lowered their price objective on 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 lowered their price objective on 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 analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $45.13.

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.