Advance Auto Parts (NYSE:AAP) Price Target Raised to $62.00 at JPMorgan Chase & Co.

Advance Auto Parts (NYSE:AAP) had its price target increased by JPMorgan Chase & Co. from $44.00 to $62.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

AAP has been the topic of several other research reports. DA Davidson reduced their target price on shares of Advance Auto Parts from $63.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday. Roth Capital reissued a “neutral” rating and set a $55.00 price objective (up previously from $50.00) on shares of Advance Auto Parts in a research note on Monday. Argus reissued a “hold” rating and set a $60.52 price objective on shares of Advance Auto Parts in a research note on Friday, August 29th. UBS Group set a $40.00 price objective on shares of Advance Auto Parts in a research note on Thursday. Finally, Morgan Stanley reduced their price objective on shares of Advance Auto Parts from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Friday. One research analyst has rated the stock with a Buy rating, nineteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $51.78.

Advance Auto Parts Stock Down 7.0%

Shares of NYSE AAP opened at $47.16 on Friday. The firm has a market capitalization of $2.83 billion, a PE ratio of -7.40 and a beta of 1.08. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. Advance Auto Parts has a 1 year low of $28.89 and a 1 year high of $70.00. The firm’s 50-day moving average is $58.07 and its 200-day moving average is $51.59.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Thursday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.18. The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Advance Auto Parts had a negative net margin of 4.37% and a negative return on equity of 1.97%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) EPS. Advance Auto Parts has set its FY 2025 guidance at 1.750-1.850 EPS. Equities analysts expect that Advance Auto Parts will post -0.46 EPS for the current year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Friday, January 9th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, January 9th. Advance Auto Parts’s dividend payout ratio (DPR) is -15.70%.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently bought and sold shares of AAP. REAP Financial Group LLC acquired a new stake in Advance Auto Parts during the 2nd quarter worth approximately $26,000. Salomon & Ludwin LLC acquired a new stake in Advance Auto Parts during the 3rd quarter worth approximately $26,000. Hexagon Capital Partners LLC raised its holdings in Advance Auto Parts by 189.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company’s stock worth $28,000 after buying an additional 465 shares during the period. Smartleaf Asset Management LLC raised its holdings in Advance Auto Parts by 290.3% during the 2nd quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock worth $43,000 after buying an additional 688 shares during the period. Finally, Parallel Advisors LLC raised its holdings in Advance Auto Parts by 355.8% during the 2nd quarter. Parallel Advisors LLC now owns 939 shares of the company’s stock worth $44,000 after buying an additional 733 shares during the period. 88.70% 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.