The Goldman Sachs Group Has Lowered Expectations for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its target price decreased by The Goldman Sachs Group from $60.00 to $43.00 in a report released on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other research analysts also recently commented on AAP. Roth Capital upgraded Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. TD Cowen dropped their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Truist Financial reduced their target price on shares of Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Mizuho restated a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. 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 company. According to data from MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Price Performance

Shares of AAP opened at $40.10 on Friday. The business’s 50-day moving average is $39.02 and its 200-day moving average is $54.11. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.30. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 54.93 and a beta of 1.17. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.82) EPS. Equities research analysts expect that Advance Auto Parts will post 2.26 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is currently 136.99%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Wolverine Asset Management LLC increased its position in Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after acquiring an additional 21,320 shares during the period. BW Gestao de Investimentos Ltda. acquired a new stake in Advance Auto Parts in the 2nd quarter worth $7,916,000. Renaissance Technologies LLC increased its holdings in shares of Advance Auto Parts by 26.9% during the 2nd quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after purchasing an additional 39,300 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Advance Auto Parts during the third quarter valued at about $17,477,000. Finally, AQR Capital Management LLC lifted its stake in shares of Advance Auto Parts by 31.0% in the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock valued at $14,740,000 after buying an additional 55,226 shares during the period. 88.75% of the stock is currently 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.