Advance Auto Parts (NYSE:AAP) Price Target Raised to $47.00

Advance Auto Parts (NYSE:AAP) had its price objective hoisted by TD Cowen from $45.00 to $47.00 in a report published on Monday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other research analysts also recently weighed in on the company. Guggenheim reiterated a “neutral” rating on shares of Advance Auto Parts in a report on Friday, August 21st. Truist Financial set a $43.00 target price on Advance Auto Parts and gave the stock a “hold” rating in a research report on Thursday, August 20th. Barclays decreased their price target on Advance Auto Parts from $59.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Friday, August 21st. Evercore restated a “positive” rating on shares of Advance Auto Parts in a report on Friday, November 6th. Finally, Mizuho dropped their price objective on shares of Advance Auto Parts from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, November 6th. Three investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.50.

Advance Auto Parts Trading Down 0.7%

Shares of Advance Auto Parts stock opened at $45.56 on Monday. The stock has a market cap of $2.75 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.97 and a beta of 1.02. The stock’s 50 day simple moving average is $43.49 and its 200-day simple moving average is $51.72. Advance Auto Parts has a 1-year low of $37.89 and a 1-year high of $65.20. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.63 and a quick ratio of 0.80.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.04 billion. Advance Auto Parts had a net margin of 1.16% and a return on equity of 9.41%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. Analysts predict that Advance Auto Parts will post 2.92 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 22nd. Investors of record on Friday, January 8th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, January 8th. Advance Auto Parts’s dividend payout ratio is presently 60.98%.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Advance Auto Parts in the second quarter valued at $581,909,000. Pzena Investment Management LLC purchased a new position in shares of Advance Auto Parts in the second quarter worth about $273,115,000. Maple Rock Capital Partners Inc. lifted its stake in shares of Advance Auto Parts by 86.5% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,421,040 shares of the company’s stock valued at $150,637,000 after acquiring an additional 1,122,900 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Advance Auto Parts in the 2nd quarter valued at about $59,626,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Advance Auto Parts in the 2nd quarter valued at about $29,860,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc. is a retailer of automotive aftermarket parts, accessories and maintenance products. Its offerings include replacement parts, batteries, tools, fluids and other supplies for a range of vehicles. The company serves both do-it-yourself customers and professional automotive repair shops through its stores, online channels and network of independent locations. Its retail banners include Advance Auto Parts and Carquest. Advance Auto Parts traces its roots to 1932, when the business began in Roanoke, Virginia.