Advance Auto Parts (NYSE:AAP) Price Target Cut to $78.00

Advance Auto Parts (NYSE:AAP) had its price objective reduced by Evercore ISI from $82.00 to $78.00 in a research note published on Tuesday morning, MarketBeat Ratings reports. They currently have an in-line rating on the stock.

Several other research analysts have also recently issued reports on AAP. JPMorgan Chase & Co. raised their target price on shares of Advance Auto Parts from $55.00 to $68.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Mizuho initiated coverage on shares of Advance Auto Parts in a report on Tuesday, March 19th. They set a neutral rating and a $78.00 target price for the company. Royal Bank of Canada raised their target price on shares of Advance Auto Parts from $47.00 to $68.00 and gave the stock a sector perform rating in a report on Thursday, February 29th. Barclays raised their target price on shares of Advance Auto Parts from $56.00 to $66.00 and gave the stock an equal weight rating in a report on Thursday, February 29th. Finally, Truist Financial raised their target price on shares of Advance Auto Parts from $60.00 to $70.00 and gave the stock a hold rating in a report on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $70.18.

Advance Auto Parts Trading Up 4.3 %

NYSE:AAP opened at $77.20 on Tuesday. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $129.90. The firm has a fifty day simple moving average of $74.26 and a 200-day simple moving average of $63.40. The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $4.60 billion, a P/E ratio of 104.32, a PEG ratio of 1.30 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.83). Advance Auto Parts had a return on equity of 1.68% and a net margin of 0.39%. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the firm posted $2.88 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, equities research analysts anticipate that Advance Auto Parts will post 3.94 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be given a $0.25 dividend. The ex-dividend date is Thursday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 1.30%. Advance Auto Parts’s dividend payout ratio (DPR) is 135.14%.

Insider Activity

In related news, Director Carla Jean Bailo bought 310 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average price of $81.19 per share, for a total transaction of $25,168.90. Following the completion of the transaction, the director now directly owns 5,789 shares in the company, valued at $470,008.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Advance Auto Parts news, Director Brent Windom purchased 4,700 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were purchased at an average cost of $85.34 per share, for a total transaction of $401,098.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $853,400. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carla Jean Bailo purchased 310 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average price of $81.19 per share, for a total transaction of $25,168.90. Following the completion of the transaction, the director now directly owns 5,789 shares of the company’s stock, valued at approximately $470,008.91. The disclosure for this purchase can be found here. Company insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ArrowMark Colorado Holdings LLC boosted its position in Advance Auto Parts by 4.7% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,717 shares of the company’s stock worth $252,000 after acquiring an additional 77 shares during the last quarter. Covestor Ltd boosted its position in Advance Auto Parts by 113.7% during the first quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after acquiring an additional 83 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its position in Advance Auto Parts by 4.1% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 2,173 shares of the company’s stock worth $340,000 after acquiring an additional 86 shares during the last quarter. Wetherby Asset Management Inc. boosted its position in Advance Auto Parts by 6.5% during the first quarter. Wetherby Asset Management Inc. now owns 1,418 shares of the company’s stock worth $293,000 after acquiring an additional 87 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its position in Advance Auto Parts by 0.6% during the fourth quarter. Baird Financial Group Inc. now owns 15,845 shares of the company’s stock worth $2,329,000 after acquiring an additional 89 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.