Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) hit a new 52-week low during trading on Tuesday after Argus lowered their price target on the stock from $220.00 to $185.00. The company traded as low as $144.08 and last traded at $144.20, with a volume of 40440 shares trading hands. The stock had previously closed at $148.36.
AAP has been the topic of several other reports. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $230.00 to $197.00 and set a “buy” rating on the stock in a research report on Thursday, November 17th. Guggenheim cut Advance Auto Parts from a “buy” rating to a “neutral” rating in a research note on Thursday, November 17th. Royal Bank of Canada lowered their target price on Advance Auto Parts from $199.00 to $165.00 and set a “sector perform” rating for the company in a research note on Thursday, November 17th. Wells Fargo & Company lowered their target price on Advance Auto Parts from $200.00 to $180.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 16th. Finally, Truist Financial cut Advance Auto Parts from a “buy” rating to a “hold” rating and lowered their target price for the company from $228.00 to $147.00 in a research note on Wednesday, November 16th. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Advance Auto Parts has a consensus rating of “Hold” and an average price target of $193.13.
Institutional Investors Weigh In On Advance Auto Parts
Several large investors have recently made changes to their positions in AAP. Commonwealth Equity Services LLC increased its stake in Advance Auto Parts by 3.3% during the first quarter. Commonwealth Equity Services LLC now owns 7,523 shares of the company’s stock worth $1,557,000 after acquiring an additional 241 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Advance Auto Parts by 7.3% in the first quarter. Victory Capital Management Inc. now owns 39,913 shares of the company’s stock valued at $8,086,000 after purchasing an additional 2,713 shares during the period. Advisor Group Holdings Inc. boosted its holdings in shares of Advance Auto Parts by 3.8% in the first quarter. Advisor Group Holdings Inc. now owns 20,465 shares of the company’s stock valued at $4,219,000 after purchasing an additional 752 shares during the period. National Bank of Canada FI lifted its holdings in Advance Auto Parts by 65.2% during the first quarter. National Bank of Canada FI now owns 3,795 shares of the company’s stock worth $786,000 after buying an additional 1,498 shares during the period. Finally, M&T Bank Corp lifted its holdings in Advance Auto Parts by 20.5% during the first quarter. M&T Bank Corp now owns 2,515 shares of the company’s stock worth $521,000 after buying an additional 427 shares during the period. 99.47% of the stock is owned by institutional investors.
Advance Auto Parts Stock Performance
The business has a fifty day simple moving average of $167.96 and a two-hundred day simple moving average of $177.66. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 0.23. The company has a market cap of $8.67 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 0.97 and a beta of 1.17.
Advance Auto Parts (NYSE:AAP – Get Rating) last posted its earnings results on Tuesday, November 15th. The company reported $2.84 earnings per share for the quarter, missing analysts’ consensus estimates of $3.32 by ($0.48). The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Advance Auto Parts had a return on equity of 25.97% and a net margin of 4.30%. Research analysts anticipate that Advance Auto Parts, Inc. will post 12.62 earnings per share for the current year.
Advance Auto Parts Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, December 15th. This represents a $6.00 dividend on an annualized basis and a yield of 4.16%. Advance Auto Parts’s dividend payout ratio is currently 77.12%.
Advance Auto Parts Company Profile
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.
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