Starboard Builds Minority Stake In Advance Auto Parts

Starboard Value unveiled a 3.7% stake in automotive parts retailer Advance Auto Parts on Wednesday and urged the company to drive its margins higher. The New York-based hedge fund has released details on a presentation about the automotive parts retailer which it will be making at today’s C4k Sohn Canada Conference 2015 in Toronto. Starboard believes Advance Auto Parts is undervalued According to FactSet, the size of Starboard’s stake puts the hedge fund among the 10 biggest Advance Auto investors. It would have been worth over $460 million at Tuesday’s close when the auto parts retailer had a $12.5 billion market capitalization. In its presentation, Starboard…