Advance Auto Parts (NYSE:AAP) Shares Down 3.7%

Shares of Advance Auto Parts, Inc. (NYSE:AAP) fell 3.7% on Wednesday . The stock traded as low as $42.05 and last traded at $42.09. 1,409,539 shares were traded during mid-day trading, a decline of 20% from the average session volume of 1,766,154 shares. The stock had previously closed at $43.72.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Truist Financial lowered their target price on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Royal Bank of Canada cut their target price on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a research report on Thursday, May 30th. Mizuho dropped their price target on Advance Auto Parts from $64.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Wedbush reissued a “neutral” rating and set a $55.00 price objective (down from $65.00) on shares of Advance Auto Parts in a report on Friday, August 23rd. Finally, Bank of America upped their target price on Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating and fourteen have given a hold rating to the stock. According to MarketBeat, Advance Auto Parts has an average rating of “Hold” and a consensus target price of $58.62.

Advance Auto Parts Trading Down 3.0 %

The company has a market capitalization of $2.53 billion, a PE ratio of 63.36, a price-to-earnings-growth ratio of 1.49 and a beta of 1.20. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average price is $58.34 and its two-hundred day moving average price is $67.72.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share (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 firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company posted $1.43 EPS. Advance Auto Parts’s revenue for the quarter was down .1% compared to the same quarter last year. Sell-side analysts anticipate that Advance Auto Parts, Inc. will post 2.17 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 144.93%.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Advance Auto Parts by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after buying an additional 40,669 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Advance Auto Parts by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,577,372 shares of the company’s stock worth $96,267,000 after acquiring an additional 46,226 shares during the last quarter. Capital World Investors grew its stake in shares of Advance Auto Parts by 67.0% in the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after acquiring an additional 615,674 shares during the last quarter. Third Point LLC bought a new position in shares of Advance Auto Parts during the first quarter valued at $127,234,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after purchasing an additional 547,696 shares during the last quarter. Institutional investors 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.