Greenleaf Trust Lowers Stake in Advance Auto Parts, Inc. (AAP)

Greenleaf Trust reduced its position in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 11.5% in the third quarter, Holdings Channel reports. The fund owned 24,487 shares of the company’s stock after selling 3,181 shares during the quarter. Greenleaf Trust’s holdings in Advance Auto Parts were worth $4,122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piedmont Investment Advisors LLC bought a new stake in Advance Auto Parts in the second quarter worth $116,000. Tower Research Capital LLC TRC bought a new stake in Advance Auto Parts in the second quarter worth $117,000. Federated Investors Inc. PA bought a new stake in Advance Auto Parts in the second quarter worth $124,000. First Mercantile Trust Co. bought a new stake in Advance Auto Parts in the second quarter worth $162,000. Finally, Community Financial Services Group LLC bought a new stake in Advance Auto Parts in the third quarter worth $202,000.

In other Advance Auto Parts news, Director Nigel Travis bought 1,250 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was acquired at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the completion of the transaction, the director now owns 1,250 shares in the company, valued at $199,625. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 4.50% of the stock is currently owned by company insiders.

A number of brokerages recently issued reports on AAP. Wedbush raised their price target on Advance Auto Parts from $175.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday. Argus set a $155.00 price target on Advance Auto Parts and gave the stock a “buy” rating in a research report on Friday, July 6th. Royal Bank of Canada raised their price target on Advance Auto Parts to $154.00 and gave the stock an “outperform” rating in a research report on Thursday, July 12th. Stephens restated a “hold” rating and issued a $155.00 price target on shares of Advance Auto Parts in a research report on Thursday, August 16th. Finally, Citigroup upgraded Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $85.00 price target for the company in a research report on Tuesday, August 14th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $154.56.

NYSE:AAP opened at $164.87 on Tuesday. Advance Auto Parts, Inc. has a twelve month low of $78.81 and a twelve month high of $171.50. The firm has a market cap of $12.19 billion, a PE ratio of 30.70, a price-to-earnings-growth ratio of 1.92 and a beta of 1.18. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.11. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the company earned $1.48 earnings per share. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Advance Auto Parts, Inc. will post 6.96 earnings per share for the current year.

Advance Auto Parts announced that its board has authorized a stock repurchase program on Tuesday, August 14th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the company to purchase up to 5.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 21st were given a dividend of $0.06 per share. The ex-dividend date was Thursday, September 20th. This represents a $0.24 annualized dividend and a dividend yield of 0.15%. Advance Auto Parts’s dividend payout ratio (DPR) is 4.47%.

Advance Auto Parts Profile

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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.

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Institutional Ownership by Quarter for Advance Auto Parts (NYSE:AAP)

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