Advance Auto Parts (NYSE:AAP) Stock Price Up 5% – Here’s Why

Shares of Advance Auto Parts, Inc. (NYSE:AAP) shot up 5% during mid-day trading on Monday . The company traded as high as $38.18 and last traded at $38.08. 452,015 shares changed hands during trading, a decline of 77% from the average session volume of 1,981,576 shares. The stock had previously closed at $36.25.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Truist Financial lowered their target price on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Evercore ISI reduced their price objective on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a research report on Tuesday, October 22nd. TD Cowen dropped their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.92.

Advance Auto Parts Stock Up 5.1 %

The company has a market capitalization of $2.27 billion, a P/E ratio of 3,848.00, a P/E/G ratio of 1.16 and a beta of 1.17. The business’s fifty day moving average price is $40.13 and its 200 day moving average price is $56.69. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last announced its quarterly 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 return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the business earned $1.43 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities research analysts predict that Advance Auto Parts, Inc. will post 2.19 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, October 11th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is 10,000.00%.

Institutional Investors Weigh In On Advance Auto Parts

A number of hedge funds have recently made changes to their positions in AAP. BW Gestao de Investimentos Ltda. bought a new position in Advance Auto Parts in the 2nd quarter valued at $7,916,000. Renaissance Technologies LLC increased its stake in shares of Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock valued at $11,745,000 after buying an additional 39,300 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Advance Auto Parts in the third quarter valued at about $17,477,000. AQR Capital Management LLC lifted its position in Advance Auto Parts by 31.0% during the 2nd quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after buying an additional 55,226 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Advance Auto Parts during the 3rd quarter worth about $3,304,000. 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.