Bronson Point Management adds Advance Auto Parts (AAP) to its portfolio

Advance Auto Parts (AAP) : Bronson Point Management added new position in Advance Auto Parts during the most recent quarter end. The investment management firm now holds 30,000 shares of Advance Auto Parts which is valued at $4,980,000 , the company said in a statement filed on Aug 15, 2016 with the SEC.Advance Auto Parts makes up approximately 1.55% of Bronson Point Management’s portfolio.

Other Hedge Funds, Including , Portolan Capital Management boosted its stake in AAP in the latest quarter, The investment management firm added 21,403 additional shares and now holds a total of 52,305 shares of Advance Auto Parts which is valued at $8,682,630. Advance Auto Parts makes up approx 1.16% of Portolan Capital Management’s portfolio.

Advance Auto Parts opened for trading at $160.3 and hit $162.2799 on the upside on Wednesday, eventually ending the session at $161.88, with a gain of 1.09% or 1.74 points. The heightened volatility saw the trading volume jump to 908,623 shares. Company has a market cap of $11,921 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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