Advance Auto Parts (NYSE:AAP) Price Target Lowered to $39.00 at Truist Financial

Advance Auto Parts (NYSE:AAP) had its price target cut by Truist Financial from $41.00 to $39.00 in a research report released on Friday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other research analysts also recently commented on the stock. The Goldman Sachs Group lowered their price objective on shares of 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 lowered their price target on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a report on Tuesday, October 22nd. Mizuho reiterated a “neutral” rating and set a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Wells Fargo & Company lowered their price target on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Finally, Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective for the company in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $49.14.

Advance Auto Parts Stock Performance

Shares of NYSE:AAP traded down $3.51 during trading on Friday, reaching $37.69. 5,899,565 shares of the stock were exchanged, compared to its average volume of 2,053,840. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.25 billion, a PE ratio of 51.62, a PEG ratio of 1.33 and a beta of 1.17. The stock has a 50-day moving average price of $39.02 and a 200-day moving average price of $54.37. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 earnings per share. Research analysts expect that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be given 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 (DPR) is currently 136.99%.

Institutional Trading of Advance Auto Parts

A number of institutional investors have recently bought and sold shares of AAP. Price T Rowe Associates Inc. MD boosted its position in shares of Advance Auto Parts by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after purchasing an additional 40,669 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Advance Auto Parts by 140.3% during the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after purchasing an additional 1,698,155 shares in the last quarter. Capital World Investors boosted its position in shares of Advance Auto Parts by 67.0% during 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 in the last quarter. Third Point LLC bought a new position in shares of Advance Auto Parts during the 1st quarter worth about $127,234,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Advance Auto Parts by 76.2% during 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 in the last quarter. Institutional investors own 88.75% of the company’s stock.

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.