Advance Auto Parts, Inc. (NYSE:AAP) Given Average Recommendation of “Reduce” by Analysts

Advance Auto Parts, Inc. (NYSE:AAP) has received a consensus rating of “Reduce” from the fourteen ratings firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating and thirteen have issued a hold rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $56.54.

A number of equities research analysts have recently weighed in on AAP shares. Evercore ISI lowered their price objective on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a report on Friday, August 23rd. Truist Financial cut their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. JPMorgan Chase & Co. reduced their price objective on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Mizuho reissued a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. Finally, Wedbush restated a “neutral” rating and set a $55.00 price target (down from $65.00) on shares of Advance Auto Parts in a research report on Friday, August 23rd.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC boosted its position in shares of Advance Auto Parts by 28.5% during the third quarter. Wedge Capital Management L L P NC now owns 26,539 shares of the company’s stock valued at $1,035,000 after purchasing an additional 5,894 shares in the last quarter. Willis Investment Counsel raised its holdings in Advance Auto Parts by 2.8% in the third quarter. Willis Investment Counsel now owns 73,115 shares of the company’s stock worth $2,851,000 after purchasing an additional 1,962 shares in the last quarter. City State Bank bought a new stake in shares of Advance Auto Parts during the 3rd quarter valued at $78,000. CWM LLC grew its position in shares of Advance Auto Parts by 36.8% in the 3rd quarter. CWM LLC now owns 2,333 shares of the company’s stock worth $91,000 after buying an additional 627 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Advance Auto Parts in the 3rd quarter worth about $117,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Stock Performance

NYSE AAP opened at $37.53 on Friday. Advance Auto Parts has a 52-week low of $36.40 and a 52-week high of $88.56. The company has a fifty day moving average of $46.43 and a 200-day moving average of $61.13. The company has a market capitalization of $2.24 billion, a P/E ratio of 54.39, a P/E/G ratio of 1.25 and a beta of 1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23.

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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the firm earned $1.43 EPS. As a group, equities research analysts predict that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s payout ratio is 144.93%.

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.