Advance Auto Parts (NYSE:AAP) Price Target Raised to $44.00

Advance Auto Parts (NYSE:AAP) had its price target upped by UBS Group from $42.00 to $44.00 in a report published on Friday, MarketBeat.com reports. The firm currently has a neutral rating on the stock.

Several other analysts also recently weighed in on the company. Royal Bank of Canada decreased their target price on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday, November 11th. Truist Financial reduced their price objective on Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday. Evercore ISI reduced their price objective on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company reduced their price objective on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and an average target price of $49.14.

Advance Auto Parts Stock Performance

NYSE:AAP traded down $3.51 during mid-day trading on Friday, hitting $37.69. 5,899,565 shares of the company’s stock traded hands, compared to its average volume of 2,053,840. The firm has a 50 day moving average of $39.02 and a two-hundred day moving average of $54.37. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.62, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the company earned $1.43 EPS. Advance Auto Parts’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities analysts forecast that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, January 10th. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. Advance Auto Parts’s dividend payout ratio is 136.99%.

Institutional Investors Weigh In On Advance Auto Parts

A number of hedge funds and other institutional investors have recently bought and sold shares of AAP. Price T Rowe Associates Inc. MD boosted its position in Advance Auto Parts by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock valued at $340,268,000 after buying an additional 40,669 shares during the last quarter. Pzena Investment Management LLC boosted its position in Advance Auto Parts by 140.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock valued at $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Capital World Investors boosted its position in shares of Advance Auto Parts by 67.0% in the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after purchasing an additional 615,674 shares during the last quarter. Third Point LLC bought a new position in shares of Advance Auto Parts in the 1st quarter worth $127,234,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after purchasing an additional 547,696 shares during the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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.