Advance Auto Parts (NYSE:AAP) Stock Price Down 4.9%

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price dropped 4.9% on Monday . The stock traded as low as $60.22 and last traded at $60.22. Approximately 477,393 shares changed hands during trading, a decline of 72% from the average daily volume of 1,714,680 shares. The stock had previously closed at $63.33.

Wall Street Analyst Weigh In

AAP has been the subject of several recent analyst reports. Truist Financial decreased their target price on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Mizuho decreased their target price on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Wedbush reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Advance Auto Parts in a report on Friday, May 24th. UBS Group upped their price target on Advance Auto Parts from $68.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Finally, StockNews.com raised Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. Two analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $64.00.

Advance Auto Parts Price Performance

The stock has a fifty day moving average of $69.67 and a two-hundred day moving average of $69.46. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 86.96, a PEG ratio of 1.22 and a beta of 1.20. The company has a current ratio of 1.22, a quick ratio of 0.29 and a debt-to-equity ratio of 0.70.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period in the prior year, the business earned $0.72 earnings per share. The company’s revenue for the quarter was down .3% on a year-over-year basis. As a group, equities research analysts forecast that Advance Auto Parts, Inc. will post 3.72 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be given a $0.25 dividend. The ex-dividend date is Friday, July 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.66%. Advance Auto Parts’s payout ratio is 144.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AAP. Third Point LLC bought a new position in shares of Advance Auto Parts in the 1st quarter worth $127,234,000. Federated Hermes Inc. boosted its position in shares of Advance Auto Parts by 2,716,800.0% in the 4th quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock worth $51,402,000 after purchasing an additional 842,208 shares during the last quarter. UBS Group AG boosted its position in shares of Advance Auto Parts by 337.7% in the 4th quarter. UBS Group AG now owns 811,734 shares of the company’s stock worth $49,540,000 after purchasing an additional 626,294 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. Finally, Norges Bank bought a new position in shares of Advance Auto Parts in the 4th quarter worth $37,522,000. 88.75% of the stock is currently owned by institutional investors.

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.