Advance Auto Parts (NYSE:AAP) Price Target Cut to $70.00 by Analysts at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its target price decreased by Evercore ISI from $73.00 to $70.00 in a report issued on Tuesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other equities research analysts have also issued reports on AAP. Truist Financial dropped their price target on Advance Auto Parts from $70.00 to $63.00 and set a hold rating for the company in a research note on Thursday, May 30th. UBS Group lifted their price target on Advance Auto Parts from $68.00 to $72.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. Royal Bank of Canada dropped their price target on Advance Auto Parts from $68.00 to $65.00 and set a sector perform rating for the company in a research note on Thursday, May 30th. Wedbush reaffirmed a neutral rating and set a $70.00 price target on shares of Advance Auto Parts in a research note on Friday, May 24th. Finally, Mizuho dropped their price target on Advance Auto Parts from $78.00 to $64.00 and set a neutral rating for the company in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $63.80.

Advance Auto Parts Price Performance

Advance Auto Parts stock opened at $59.86 on Tuesday. The firm has a market capitalization of $3.57 billion, a P/E ratio of 86.75, a PEG ratio of 1.16 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. The business has a fifty day moving average price of $68.34 and a 200-day moving average price of $69.29. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Wednesday, May 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. Advance Auto Parts’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 EPS. As a group, equities research analysts forecast that Advance Auto Parts will post 3.72 EPS for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, July 12th. This represents a $1.00 annualized dividend and a yield of 1.67%. Advance Auto Parts’s payout ratio is 144.93%.

Institutional Trading of Advance Auto Parts

Several large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Advance Auto Parts by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock valued at $340,268,000 after acquiring an additional 40,669 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Advance Auto Parts by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,577,372 shares of the company’s stock worth $96,267,000 after purchasing an additional 46,226 shares in the last quarter. Capital World Investors boosted its position in shares of Advance Auto Parts by 67.0% in the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after purchasing an additional 615,674 shares in the last quarter. Third Point LLC bought a new stake in shares of Advance Auto Parts in the 1st quarter worth approximately $127,234,000. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Advance Auto Parts by 3.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,014,639 shares of the company’s stock worth $86,336,000 after purchasing an additional 32,426 shares in the last quarter. 88.75% of the stock is owned by institutional investors.

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.