Sequoia Financial Advisors LLC Increases Shares in Advance Auto Parts, Inc. Amid Current Stock Price Trends
Date: July 10, 2023
In a recent disclosure to the Securities and Exchange Commission, Sequoia Financial Advisors LLC revealed that its stock position in Advanced Auto Parts, Inc. (NYSE:AAP) increased 23.8% during the first quarter of this year. bottom. The company purchased a further 8,466 shares, ultimately owning a total of 44,104 shares at the end of the reporting period. The shares are worth $5,363,000 to Sequoia Financial Advisors LLC.
Advance Auto Parts also makes an important announcement regarding shareholder returns. The auto parts retailer recently announced a quarterly dividend due to be paid on Friday, July 28th. Shareholders of record on Friday, July 14 are eligible to receive a dividend of $0.25 per share. That translates to an annual dividend payout ratio of $1.00 per share for him, boasting an attractive dividend yield of 1.44%. Of note is the ex-dividend date for this payout, which falls on Thursday, July 13th.
The recent takeover bid by Advance Auto Parts board members has also caused ripples in the financial world. Director Carla Jean Bairro and director Douglas A. Peltz both expressed confidence in the company’s future by purchasing shares in the company.
On June 7, Director Carla Jean Bailo acquired 500 shares at an average price of $65.90 per share, bringing the total transaction value to $32,950. After this purchase, she now holds just 500 of her shares worth approximately $32,950.
Similarly, Director Douglas A. Peltz purchased 4,575 shares on June 12 at an average price of $66.02 per share for a total of approximately $302,041.50. The acquisition increased his ownership to 12,831 shares worth $847,102.62.
These acquisitions are disclosed in legal filings with the Securities and Exchange Commission, which may be accessed for further reference on the SEC’s website.
In particular, it is also documented that director Carla Jean Bairro made a second purchase of 500 shares on June 7 at an average price of $65.90 per share. After this transaction, she became a direct owner of 500 of her shares worth approximately $32,950.
Additionally, public information revealed that insiders acquired a total of 5,463 shares worth $359,924 in the last 90 days alone. This represents approximately 0.63% ownership of the company’s shares by corporate insiders.
Investors have observed increasing trust between key stakeholders and such developments within Advance Autoparts bring intrigue and curiosity. The rising stake in Sequoia Financial Advisors LLC indicates their growing confidence in the company’s trajectory and potential earnings.
Shareholders expect future dividend payments and absorb news of insider acquisitions, so it is essential to keep an eye on future market movements related to Advance Autoparts.
Advance Auto Parts Co., Ltd.
Updated: November 7, 2023
the current $70.22
6 pm (UTC)
Date: July 11, 2023
Advance Auto Parts Overview: Hedge Funds, Research Ratings, Dividends
Advance Auto Parts Overview: Hedge Funds, Research Ratings, Dividends
July 10, 2023
Over the past few months, various hedge funds have been aggressively trading shares of Advance Autoparts. One of his notable participants in the market was Brookstone Capital Management, where he acquired new positions worth $13.121 million in the first quarter. Another influential company is Brandywine Global Investment Management LLC, which increased his stake in Advance Auto Parts by as much as 92.0% during the fourth quarter. The transfer resulted in ownership of 84,994 shares valued at $12,497,000.
Commerce Bank also increased its stake by 17.5% during the same period, and now owns 24,380 shares worth $3.585 million. The Arizona State Retirement System slightly increased his stock holdings by 2.2% and now holds his 17,016 shares worth $2,502,000. In addition, Freestone Capital Holdings LLC increased its holdings by 4.7% and participated in the growth of Advance Auto Parts shares. This equates to his ownership of 11,154 shares worth $1.64 million.
Considering these transactions by institutional investors and many others not listed here that contribute to the 91.32% total ownership, there is significant interest in Advanced Auto Parts among established financial institutions. That is clear.
Several well-known companies have recently expressed their opinions regarding the research evaluation on AAP (Advance Auto Parts). Raymond James changed his rating from ‘Strong Buy’ to ‘Market Performing’ on June 1 this year. Royal Bank of Canada lowered its price target from $158.00 to $84.00 on the same day, and Trust Financial also lowered its target price sharply from $144.00 to $67.00 on June 1.
In addition, UBS Group also lowered its price target from $132.00 to $75.00 on June 1. Finally, StockNews.com downgraded AAP from ‘buy’ to ‘hold’ on the same day. Overall, Advance Auto Parts currently has 18 hold ratings and his 2 buy ratings, with a consensus rating of “hold.” Bloomberg.com reportedly has a target consensus price of $98.83.
As for dividends, Advance Autoparts recently announced a quarterly dividend due to be paid on Friday, July 28th. Investors holding shares as of Friday, July 14 will receive a dividend of $0.25 per share. That would give him an annual dividend of $1.00 and a current yield of 1.44%. For those interested in an ex-dividend date, the ex-dividend will take place on Thursday, July 13th.
As of Friday’s opening price of $69.38, Advanced Auto Parts is showing some noteworthy financial characteristics. The company has a quick ratio of 0.24, a current ratio of 1.24 and a debt to equity ratio of 0.68. In terms of market capitalization, it stands at $4.12 billion at a price-to-earnings ratio (PER) of 10.31 and a PEG ratio of 1.01, suggesting the stock may be undervalued relative to earnings growth.
Advance Auto Parts’ last year’s performance saw the share price hit a low of $63.56 and a high of $212.25 before trading opened on Friday. However, it is important to note that these figures are subject to change as market conditions fluctuate.
In terms of financial results, Advance Auto Parts released its earnings report on May 31 this year. This is an important event for investors seeking insight into company performance. Unfortunately, earnings per share for the quarter fell short of analyst consensus expectations by $1.88, with the reported figure of $0.72 instead of the expected $2.60.
Similarly, revenue for the same period was $3.42 billion, slightly below analyst expectations of $3.43 billion. Nonetheless, Advance Auto Parts still shows promising quality with a net profit margin of 3.61% and a return on equity of 22.67%.
Looking ahead, equity analysts expect the group as a whole to see a six-fold increase in earnings per share for Advanced Auto Parts this year. The results are yet to be seen, but they are certainly attracting investor interest.
Advance Auto Parts continues to attract the attention of hedge funds and financial institutions, with many companies increasing their stakes in the company. At the same time, research firms provide ratings and price targets to assist investors in their decision-making process.
As always, it is important for individuals interested in Advance Auto Parts or any other investment opportunity to conduct thorough research and analysis before making any investment decision.
Disclaimer: Nothing provided in this article should be construed as financial advice or an encouragement to participate in trading activities.Remember your past performance