Fir Tree Lowers stake in Advance Auto Parts (AAP)

Advance Auto Parts (AAP) : Fir Tree reduced its stake in Advance Auto Parts by 19.35% during the most recent quarter end. The investment management company now holds a total of 1,076,248 shares of Advance Auto Parts which is valued at $178,657,168 after selling 258,232 shares in Advance Auto Parts , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Advance Auto Parts makes up approximately 6.46% of Fir Tree’s portfolio.

Other Hedge Funds, Including , Point72 Asset Management reduced its stake in AAP by selling 906,600 shares or 62.32% in the most recent quarter. The Hedge Fund company now holds 548,100 shares of AAP which is valued at $90,984,600. Advance Auto Parts makes up approx 0.73% of Point72 Asset Management’s portfolio.New York State Common Retirement Fund reduced its stake in AAP by selling 5,475 shares or 2.64% in the most recent quarter. The Hedge Fund company now holds 202,300 shares of AAP which is valued at $33,581,800. Advance Auto Parts makes up approx 0.05% of New York State Common Retirement Fund’s portfolio.Teacher Retirement System Of Texas boosted its stake in AAP in the latest quarter, The investment management firm added 1,244 additional shares and now holds a total of 338,832 shares of Advance Auto Parts which is valued at $57,221,948. Advance Auto Parts makes up approx 0.37% of Teacher Retirement System Of Texas’s portfolio.William Harris Investors Inc boosted its stake in AAP in the latest quarter, The investment management firm added 7,500 additional shares and now holds a total of 43,574 shares of Advance Auto Parts which is valued at $7,428,931. Advance Auto Parts makes up approx 1.74% of William Harris Investors Inc’s portfolio. Mar Vista Investment Partners sold out all of its stake in AAP during the most recent quarter. The investment firm sold 240,625 shares of AAP which is valued $40,872,563.

Advance Auto Parts opened for trading at $158.2 and hit $159.62 on the upside on Thursday, eventually ending the session at $158.76, with a gain of 0.88% or 1.38 points. The heightened volatility saw the trading volume jump to 7,21,680 shares. Company has a market cap of $11,691 M.

On the company’s financial health, Advance Auto Parts reported $1.90 EPS for the quarter, missing the analyst consensus estimate by $ -0.21 based on the information available during the earnings call on Aug 16, 2016. Analyst had a consensus of $2.11. The company had revenue of $2256.20 million for the quarter, compared to analysts expectations of $2243.50 million. The company’s revenue was down -4.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.27 EPS.

Investors should note that on Aug 16, 2016, Advance Auto Parts announced a cash dividend of $0.0600. The company’s management has announced Sep 21, 2016 as the ex-dividend date and fixed the record date on Sep 23, 2016. The payable date has been fixed on Oct 7, 2016.

Many Wall Street Analysts have commented on Advance Auto Parts. Susquehanna Initiated Advance Auto Parts on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $158.Company shares were Reiterated by Wedbush on Aug 17, 2016 to “Outperform”, Firm has raised the Price Target to $ 175 from a previous price target of $160 .Company shares were Reiterated by Deutsche Bank on Aug 1, 2016 to “Buy”, Firm has raised the Price Target to $ 180 from a previous price target of $160 .

Advance Auto Parts Inc. is a provider of automotive aftermarket parts. The company’s stores and branches offer a selection of brand name original equipment manufacturer (OEM) and private label 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 serves its do-it-for-me (commercial) customers and do-it-yourself (DIY) customers through a variety of channels ranging from traditional brick and mortar store locations to self-serving e-commerce sites. As of January 3 2015 the Company’s operations are comprised of 5261 stores and 111 distribution branches which operate in the United States Canada Puerto Rico and the United States Virgin Islands primarily under the trade names Advance Auto Parts Carquest Autopart International and Worldpac.

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