Advance Auto Parts (NYSE:AAP) Stock Price Up 4.7% Following Insider Buying Activity

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price traded up 4.7% on Monday after an insider bought additional shares in the company. The stock traded as high as $37.22 and last traded at $37.02. 507,306 shares were traded during trading, a decline of 77% from the average session volume of 2,227,769 shares. The stock had previously closed at $35.37.

Specifically, Director Eugene I. Lee, Jr. bought 14,640 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the acquisition, the director now owns 34,070 shares in the company, valued at $1,163,490.50. This represents a 75.35 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

AAP has been the subject of a number of analyst reports. Royal Bank of Canada reduced their price objective on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a research report on Thursday, February 27th. BMO Capital Markets cut their price objective 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. Wedbush reaffirmed an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a report on Monday, March 3rd. Truist Financial dropped their price target on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Finally, UBS Group upped their price target on Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $45.13.

Advance Auto Parts Price Performance

The company has a market cap of $2.18 billion, a PE ratio of 50.04, a PEG ratio of 1.98 and a beta of 1.27. 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’s 50-day moving average is $44.78 and its 200-day moving average is $42.45.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

Institutional Trading of Advance Auto Parts

Several institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of Advance Auto Parts by 207.4% during the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $26,000 after purchasing an additional 365 shares during the period. Allworth Financial LP grew its position in Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after purchasing an additional 818 shares during the last quarter. Vision Financial Markets LLC purchased a new stake in shares of Advance Auto Parts in the 4th quarter valued at $42,000. Advisory Services Network LLC purchased a new stake in Advance Auto Parts during the fourth quarter worth $46,000. Finally, GAMMA Investing LLC raised its position in Advance Auto Parts by 198.3% during the fourth quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock worth $74,000 after acquiring an additional 1,047 shares during the period. 88.75% of the stock is currently owned by institutional investors.

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.