Cove Street Capital LLC Trims Position in Advance Auto Parts, Inc. (NYSE:AAP)

Cove Street Capital LLC reduced its position in Advance Auto Parts, Inc. (NYSE:AAP) by 20.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,818 shares of the company’s stock after selling 20,588 shares during the period. Advance Auto Parts accounts for about 4.3% of Cove Street Capital LLC’s investment portfolio, making the stock its 6th biggest position. Cove Street Capital LLC owned about 0.13% of Advance Auto Parts worth $3,675,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP boosted its position in shares of Advance Auto Parts by 564.6% during the 3rd quarter. Quantbot Technologies LP now owns 23,887 shares of the company’s stock valued at $931,000 after acquiring an additional 20,293 shares during the last quarter. Clearline Capital LP lifted its position in Advance Auto Parts by 9.8% during the third quarter. Clearline Capital LP now owns 445,244 shares of the company’s stock valued at $17,360,000 after purchasing an additional 39,699 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Advance Auto Parts by 72.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 159,050 shares of the company’s stock worth $6,201,000 after buying an additional 66,690 shares in the last quarter. Invenomic Capital Management LP bought a new stake in shares of Advance Auto Parts in the 3rd quarter worth about $3,342,000. Finally, Maple Rock Capital Partners Inc. purchased a new stake in shares of Advance Auto Parts during the 3rd quarter valued at about $9,046,000. 88.75% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Eugene I. Lee, Jr. acquired 14,640 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were 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 owns 34,070 shares of the company’s stock, valued at approximately $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Shane M. Okelly bought 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, with a total value of $55,185.00. Following the acquisition, the chief executive officer now directly owns 183,121 shares of the company’s stock, valued at approximately $6,737,021.59. This trade represents a 0.83 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.35% of the company’s stock.

Advance Auto Parts Stock Performance

Shares of AAP stock opened at $38.92 on Friday. The company’s 50 day moving average is $42.48 and its 200 day moving average is $41.86. 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 has a market cap of $2.33 billion, a price-to-earnings ratio of 53.32, a PEG ratio of 1.98 and a beta of 1.27. Advance Auto Parts, Inc. has a 52-week low of $33.08 and a 52-week high of $86.47.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, April 11th. Advance Auto Parts’s payout ratio is currently -17.86%.

Analyst Ratings Changes

Several equities research analysts have weighed in on AAP shares. Barclays reduced their price objective on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Wells Fargo & Company increased their price target on Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. BMO Capital Markets cut their price objective on shares of 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. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Finally, Royal Bank of Canada dropped their price target 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. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.13.

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.