Advance Auto Parts (NYSE:AAP) Shares Down 6.4% Following Analyst Downgrade

Advance Auto Parts, Inc. (NYSE:AAP)’s share price traded down 6.4% during trading on Friday after Truist Financial lowered their price target on the stock from $41.00 to $39.00. Truist Financial currently has a hold rating on the stock. Advance Auto Parts traded as low as $38.48 and last traded at $38.58. 459,382 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 2,029,338 shares. The stock had previously closed at $41.20.

A number of other analysts also recently commented on the stock. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. The Goldman Sachs Group dropped their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday. Wells Fargo & Company reduced their price objective on 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. Mizuho reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Finally, Wedbush raised Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Tuesday, October 15th. One 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. According to data from MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $49.14.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Advance Auto Parts in the 1st quarter valued at $34,000. Mather Group LLC. grew its position in Advance Auto Parts by 1,241.7% during the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after acquiring an additional 596 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in Advance Auto Parts during the second quarter worth about $41,000. Blue Trust Inc. raised its holdings in shares of Advance Auto Parts by 56.7% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after purchasing an additional 436 shares during the period. Finally, AM Squared Ltd acquired a new position in shares of Advance Auto Parts in the 2nd quarter valued at about $63,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Stock Down 8.5 %

The stock has a fifty day moving average price of $39.02 and a 200-day moving average price of $54.37. The firm has a market cap of $2.25 billion, a PE ratio of 3,768.00, a PEG ratio of 1.33 and a beta of 1.17. 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 earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the business posted $1.43 EPS. The business’s revenue was down .1% on a year-over-year basis. Research analysts expect that Advance Auto Parts, Inc. will post 2.19 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s payout ratio is 10,000.00%.

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.