Evercore ISI Trims Advance Auto Parts (NYSE:AAP) Target Price to $60.00

Advance Auto Parts (NYSE:AAP) had its price target lowered by Evercore ISI from $64.00 to $60.00 in a research report sent to investors on Friday, Marketbeat reports. The firm currently has an in-line rating on the stock.

A number of other research firms have also weighed in on AAP. Wells Fargo & Company reaffirmed a hold rating and issued a $60.00 price objective on shares of Advance Auto Parts in a research note on Tuesday, August 20th. Bank of America boosted their price target on Advance Auto Parts from $51.00 to $55.00 and gave the company an underperform rating in a research note on Thursday, May 30th. UBS Group upped their price target on shares of Advance Auto Parts from $68.00 to $72.00 and gave the company a neutral rating in a report on Tuesday, May 28th. Truist Financial reduced their price target on Advance Auto Parts from $70.00 to $63.00 and set a hold rating for the company in a research report on Thursday, May 30th. Finally, StockNews.com upgraded shares of Advance Auto Parts from a sell rating to a hold rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and fourteen have given a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $60.08.

Advance Auto Parts Stock Performance

Shares of AAP opened at $49.15 on Friday. The company has a 50-day simple moving average of $60.93 and a two-hundred day simple moving average of $68.62. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29. The firm has a market capitalization of $2.93 billion, a PE ratio of 71.23, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Advance Auto Parts has a one year low of $47.73 and a one year high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share 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 net margin of 0.37% and a return on equity of 1.59%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.43 earnings per share. On average, analysts anticipate that Advance Auto Parts will post 3.7 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio is 144.93%.

Institutional Trading of Advance Auto Parts

Institutional investors and hedge funds have recently modified their holdings of the company. Kovack Advisors Inc. grew its stake in Advance Auto Parts by 0.7% during the first quarter. Kovack Advisors Inc. now owns 22,727 shares of the company’s stock worth $1,934,000 after buying an additional 150 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in Advance Auto Parts by 28.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 895 shares of the company’s stock valued at $76,000 after acquiring an additional 196 shares during the period. Quadrant Capital Group LLC grew its position in shares of Advance Auto Parts by 8.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,711 shares of the company’s stock valued at $165,000 after purchasing an additional 206 shares during the last quarter. Diversified Trust Co lifted its holdings in shares of Advance Auto Parts by 3.5% during the second quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock worth $430,000 after buying an additional 232 shares in the last quarter. Finally, OLD National Bancorp IN increased its position in Advance Auto Parts by 6.8% during the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after acquiring an additional 237 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.