Advance Auto Parts (NYSE:AAP) Given New $40.00 Price Target at Wells Fargo & Company

Advance Auto Parts (NYSE:AAP) had its target price lowered by Wells Fargo & Company from $50.00 to $40.00 in a research note published on Friday, MarketBeat reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other brokerages also recently weighed in on AAP. Truist Financial cut their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a hold rating on the stock in a report on Friday, August 23rd. JPMorgan Chase & Co. lowered their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a neutral rating on the stock in a report on Friday, August 16th. Evercore ISI reduced their price objective on Advance Auto Parts from $64.00 to $60.00 and set an in-line rating for the company in a research note on Friday, August 23rd. UBS Group raised their price objective on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. Finally, Wedbush restated a neutral rating and set a $55.00 target price (down from $65.00) on shares of Advance Auto Parts in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and fourteen have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $56.54.

Advance Auto Parts Trading Up 4.9 %

Shares of Advance Auto Parts stock opened at $41.43 on Friday. The firm’s 50 day simple moving average is $55.00 and its two-hundred day simple moving average is $66.45. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 60.04, a PEG ratio of 1.26 and a beta of 1.17. Advance Auto Parts has a 12-month low of $37.51 and a 12-month high of $88.56. 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 issued its earnings results 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). The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the business earned $1.43 EPS. Analysts predict that Advance Auto Parts will post 2.19 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a $0.25 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 144.93%.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning raised its position in Advance Auto Parts by 11.4% in the second quarter. Creative Planning now owns 19,338 shares of the company’s stock valued at $1,225,000 after purchasing an additional 1,984 shares during the period. Algert Global LLC acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth about $380,000. Clearline Capital LP raised its holdings in Advance Auto Parts by 115.4% in the 2nd quarter. Clearline Capital LP now owns 405,545 shares of the company’s stock valued at $25,683,000 after buying an additional 217,276 shares during the period. Annandale Capital LLC lifted its position in Advance Auto Parts by 52.7% in the second quarter. Annandale Capital LLC now owns 69,865 shares of the company’s stock valued at $4,425,000 after buying an additional 24,100 shares during the last quarter. Finally, Scientech Research LLC lifted its position in Advance Auto Parts by 150.0% in the second quarter. Scientech Research LLC now owns 24,920 shares of the company’s stock valued at $1,578,000 after buying an additional 14,953 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.