Franklin Resources Inc. Takes $960,000 Position in Advance Auto Parts, Inc. (NYSE:AAP)

Franklin Resources Inc. acquired a new position in shares of Advance Auto Parts, Inc. (NYSE:AAP) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 20,295 shares of the company’s stock, valued at approximately $960,000.

Several other large investors have also made changes to their positions in the company. Blue Trust Inc. increased its stake in Advance Auto Parts by 75.9% during the fourth quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock worth $100,000 after acquiring an additional 914 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in Advance Auto Parts during the 4th quarter worth approximately $1,196,000. Raymond James Financial Inc. purchased a new position in Advance Auto Parts in the fourth quarter valued at approximately $8,822,000. Commonwealth Equity Services LLC lifted its position in Advance Auto Parts by 97.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 305,622 shares of the company’s stock valued at $14,453,000 after buying an additional 150,604 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in Advance Auto Parts during the fourth quarter worth approximately $34,586,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AAP. Royal Bank of Canada cut their target price on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. Wedbush reissued an “outperform” rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. BMO Capital Markets decreased their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research report on Thursday, February 27th. Wells Fargo & Company raised their target price 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. Finally, Truist Financial reduced their price target on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $45.13.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. bought 14,640 shares of the stock in a transaction on Thursday, March 6th. The stock was purchased at an average price 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 trade represents a 75.35 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shane M. Okelly purchased 1,500 shares of Advance Auto Parts stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the completion of the transaction, the chief executive officer now owns 183,121 shares in the company, valued at approximately $6,737,021.59. The trade was a 0.83 % increase in their position. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by insiders.

Advance Auto Parts Price Performance

AAP opened at $32.41 on Wednesday. The company has a market capitalization of $1.94 billion, a P/E ratio of 44.40, a PEG ratio of 1.98 and a beta of 1.07. The company has a 50-day moving average of $38.55 and a 200-day moving average of $41.21. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. Advance Auto Parts, Inc. has a 1-year low of $28.89 and a 1-year high of $79.41.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

About Advance Auto Parts

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.