Advance Auto Parts (NYSE:AAP) Stock Price Down 3.7%

Advance Auto Parts, Inc. (NYSE:AAP) dropped 3.7% on Monday . The company traded as low as $39.76 and last traded at $39.84. Approximately 355,370 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 1,872,490 shares. The stock had previously closed at $41.38.

Analyst Ratings Changes

A number of equities analysts have commented on AAP shares. Evercore ISI lowered their price objective on Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating on the stock in a research note on Friday, August 23rd. Truist Financial lowered their price objective 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 target on shares of 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 reiterated a “neutral” rating and issued a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Finally, Wedbush restated a “neutral” rating and issued a $55.00 price target (down from $65.00) on shares of Advance Auto Parts in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating and fourteen have issued a hold rating to the company. According to MarketBeat.com, Advance Auto Parts presently has a consensus rating of “Hold” and a consensus price target of $56.54.

Advance Auto Parts Stock Performance

The business has a fifty day moving average price of $50.97 and a 200-day moving average price of $64.18. The stock has a market capitalization of $2.36 billion, a P/E ratio of 59.97, a P/E/G ratio of 1.32 and a beta of 1.17. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

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). Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the company earned $1.43 earnings per share. Advance Auto Parts’s quarterly revenue was down .1% compared to the same quarter last year. On average, sell-side analysts expect that Advance Auto Parts, Inc. will post 2.19 EPS for the current year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.52%. Advance Auto Parts’s dividend payout ratio is currently 144.93%.

Institutional Trading of Advance Auto Parts

Several institutional investors and hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Advance Auto Parts in the 2nd quarter worth $5,991,000. Creative Planning lifted its holdings in Advance Auto Parts by 11.4% in the second quarter. Creative Planning now owns 19,338 shares of the company’s stock valued at $1,225,000 after acquiring an additional 1,984 shares during the last quarter. Algert Global LLC purchased a new position in shares of Advance Auto Parts during the second quarter worth $380,000. Clearline Capital LP increased its holdings in Advance Auto Parts by 115.4% during the 2nd quarter. Clearline Capital LP now owns 405,545 shares of the company’s stock worth $25,683,000 after purchasing an additional 217,276 shares during the period. Finally, Annandale Capital LLC increased its position in shares of Advance Auto Parts by 52.7% in the 2nd quarter. Annandale Capital LLC now owns 69,865 shares of the company’s stock valued at $4,425,000 after purchasing an additional 24,100 shares during the last quarter. 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.