Short Interest in Advance Auto Parts, Inc. (NYSE:AAP) Declines By 14.5%

Advance Auto Parts, Inc. (NYSE:AAP) was the recipient of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 8,440,000 shares, a decrease of 14.5% from the February 13th total of 9,870,000 shares. Based on an average daily trading volume, of 2,220,000 shares, the short-interest ratio is presently 3.8 days. Currently, 14.3% of the shares of the company are sold short.

Advance Auto Parts Stock Down 2.0 %

Advance Auto Parts stock traded down $0.77 during midday trading on Wednesday, hitting $36.95. 1,773,693 shares of the stock were exchanged, compared to its average volume of 2,296,240. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a 50 day moving average price of $43.63 and a two-hundred day moving average price of $42.04. The firm has a market cap of $2.21 billion, a P/E ratio of 50.62, a P/E/G ratio of 1.98 and a beta of 1.27. Advance Auto Parts has a 1 year low of $33.08 and a 1 year high of $88.56.

Advance Auto Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be paid 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 yield of 2.71%. Advance Auto Parts’s dividend payout ratio (DPR) is presently -17.86%.

Analyst Upgrades and Downgrades

A number of research firms have commented on AAP. BMO Capital Markets reduced their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating on the stock in a research report on Thursday, February 27th. Truist Financial cut their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Wedbush reissued an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Royal Bank of Canada lowered their target price on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Finally, Citigroup cut their target price on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $45.13.

Insider Buying and Selling

In other news, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price 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. The trade was a 0.83 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares in the company, valued at approximately $1,163,490.50. This represents a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC bought a new position in shares of Advance Auto Parts during the fourth quarter worth about $811,000. United Advisor Group LLC bought a new stake in shares of Advance Auto Parts in the 4th quarter valued at approximately $356,000. Mackenzie Financial Corp acquired a new stake in shares of Advance Auto Parts during the 4th quarter valued at approximately $953,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Advance Auto Parts by 6.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,961 shares of the company’s stock worth $7,470,000 after purchasing an additional 9,803 shares during the last quarter. Finally, Towle & Co. boosted its holdings in Advance Auto Parts by 2.1% in the fourth quarter. Towle & Co. now owns 352,778 shares of the company’s stock worth $16,683,000 after purchasing an additional 7,123 shares during the period. 88.75% of the stock is owned by institutional investors and hedge funds.

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.