The Vanguard Group, Inc. recently announced the acquisition of new stake in Advance Auto Parts Inc. (NYSE:AAP). The institutional investor has increased its shareholding in the Consumer Cyclical company by 5.78% to 7.44 million shares with purchase of 0.41 million shares. This fresh investment now brings its stake to 12.56% valued currently at $934.36 million. In addition, Millennium Management LLC raised its holdings by 0.45 million to 1.38 million shares. And Charles Schwab Investment Managem has lifted its position by 175.90% or 0.87 million shares – to 1.37 million shares.
With over 1.39 million Advance Auto Parts Inc. (AAP) shares trading Tuesday and a closing price of $116.78 on the day, the dollar volume was approximately $162.38 million. The shares have shown a negative half year performance of -20.83% and its price on 05/23/23 lost nearly -2.23%. Currently, there are 59.44M common shares owned by the public and among those 58.78M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $180.00 and a low of $103.00. The average price target is 18.69% above its recent price level and a downside to the estimated low will see the stock lose -13.38% over that period. But an upside of 35.12% will see the stock hit the forecast high price target while median target price for the stock is $144.50.
Insiders at the company have transacted a total of 100 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 65 of these insider trades were purchases, accounting for 93,898 shares. Insider sales of the common stock occurred on 35 occasions, with total insider shares sold totaling 33,961 shares.
The top 3 mutual fund holders in Advance Auto Parts Inc. are JPMorgan Equity Income Fund, Vanguard Total Stock Market ETF, and Vanguard Mid Cap Index Fund. JPMorgan Equity Income Fund owns 2.45 million shares of the company’s stock, all valued at over $307.61 million. Vanguard Total Stock Market ETF bought 7037.0 shares to see its total holdings expand to 1.83 million shares valued at over $230.13 million and representing 3.09% of the shares outstanding. Vanguard Mid Cap Index Fund bought 2489.0 shares to bring its total holdings to over 1.38 million shares at a value of $173.74 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.34% of the shares outstanding.
Shares of Advance Auto Parts Inc. (NYSE: AAP) opened at $117.61, down -$1.83 from a prior closing price of $119.44. However, the script later moved the day high at 118.99, down -2.23%. The company’s stock has a 5-day price change of -0.48% and -18.69% over the past three months. AAP shares are trading -20.57% year to date (YTD), with the 12-month market performance down to -35.80% lower. It has a 12-month low price of $109.05 and touched a high of $212.25 over the same period. AAP has an average intraday trading volume of 1.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.97%, -4.12%, and -23.14% respectively.
Institutional ownership of Advance Auto Parts Inc. (NYSE: AAP) shares accounts for 97.16% of the company’s 59.44M shares outstanding. Mutual fund holders own 37.94%, while other institutional holders and individual stakeholders account for 50.51% and 14.99% respectively.
It has a market capitalization of $7.18B and a beta (3y monthly) value of 1.11. The stock’s trailing 12-month PE ratio is 14.13, while the earnings-per-share (ttm) stands at $8.26. The company has a PEG of 4.33 and a Quick Ratio of 0.20 with the debt-to-equity ratio at 0.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.97% over the week and 2.40% over the month.
Analysts forecast that Advance Auto Parts Inc. (AAP) will achieve an EPS of $2.57 for the current quarter, $2.91 for the next quarter and $11.34 for 2024. The lowest estimate earnings-per-share for the quarter is $2.09 while analysts give the company a high EPS estimate of $3.06. Comparatively, EPS for the current quarter was $3.57 a year ago. Earnings per share for the fiscal year are expected to decrease by -13.50%, and 7.66% over the next financial year. EPS should shrink at an annualized rate of 3.27% over the next five years, compared to 13.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Advance Auto Parts Inc. (AAP) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 19 of the 27 advise that investors “hold,” and 1 rated it as a “Sell.”
