Advance Auto Parts (NYSE:AAP) Price Target Cut to $68.00

Advance Auto Parts (NYSE:AAP) had its target price decreased by Evercore ISI from $70.00 to $68.00 in a report released on Tuesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other brokerages also recently issued reports on AAP. UBS Group increased their price objective on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Mizuho dropped their price target on Advance Auto Parts from $78.00 to $64.00 and set a neutral rating on the stock in a research note on Monday, June 10th. Wedbush reaffirmed a neutral rating and set a $70.00 price objective on shares of Advance Auto Parts in a research report on Friday, May 24th. StockNews.com raised Advance Auto Parts from a sell rating to a hold rating in a research report on Thursday, May 30th. Finally, 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. One research analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $64.64.

Advance Auto Parts Stock Down 2.7 %

Shares of Advance Auto Parts stock opened at $59.62 on Tuesday. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $88.56. The business has a fifty day simple moving average of $65.32 and a 200 day simple moving average of $69.29. The company has a quick ratio of 0.29, a current ratio of 1.22 and a debt-to-equity ratio of 0.70. The stock has a market cap of $3.55 billion, a PE ratio of 86.41, a price-to-earnings-growth ratio of 1.24 and a beta of 1.20.

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

Advance Auto Parts Announces Dividend

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 issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Friday, July 12th. Advance Auto Parts’s dividend payout ratio is 144.93%.

Institutional Trading of Advance Auto Parts

Several hedge funds and other institutional investors have recently bought and sold shares of AAP. UBS Group AG grew its holdings in shares of Advance Auto Parts by 337.7% during the 4th quarter. UBS Group AG now owns 811,734 shares of the company’s stock worth $49,540,000 after purchasing an additional 626,294 shares in the last quarter. Private Advisor Group LLC bought a new position in Advance Auto Parts in the 1st quarter valued at about $1,172,000. International Assets Investment Management LLC acquired a new position in shares of Advance Auto Parts in the 4th quarter valued at approximately $3,363,000. Quadrant Capital Group LLC lifted its holdings in shares of Advance Auto Parts by 8.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,711 shares of the company’s stock worth $165,000 after acquiring an additional 206 shares during the period. Finally, Kovack Advisors Inc. bought a new stake in shares of Advance Auto Parts during the 4th quarter worth approximately $1,378,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.