Advance Auto Parts (NYSE:AAP) Price Target Cut to $39.00 by Analysts at Truist Financial

Advance Auto Parts (NYSE:AAP) had its price target lowered by Truist Financial from $41.00 to $39.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other brokerages also recently weighed in on AAP. The Goldman Sachs Group lowered their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday. Mizuho reiterated a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Roth Mkm reissued a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Royal Bank of Canada lowered their price objective on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research report on Monday, November 11th. Finally, TD Cowen cut their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Price Performance

NYSE AAP opened at $40.10 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The company has a market cap of $2.39 billion, a PE ratio of 54.93 and a beta of 1.17. The stock’s 50-day moving average price is $39.02 and its two-hundred day moving average price is $54.11.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.49 by ($0.53). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter last year, the company posted ($0.82) EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, analysts predict that Advance Auto Parts will post 2.26 EPS for the current year.

Advance Auto Parts Dividend Announcement

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

Institutional Inflows and Outflows

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

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.