Advance Auto Parts (NYSE:AAP) Sets New 52-Week Low – Here’s What Happened

Advance Auto Parts, Inc. (NYSE:AAP)’s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $32.30 and last traded at $32.70, with a volume of 195230 shares. The stock had previously closed at $35.01.

Analysts Set New Price Targets

Several research firms recently issued reports on AAP. Citigroup dropped their price target on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Barclays lowered their target price on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. BMO Capital Markets lowered their price objective on shares of Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. Evercore ISI cut their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating for the company in a report on Tuesday, March 11th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $45.13.

Advance Auto Parts Price Performance

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a market capitalization of $1.78 billion, a P/E ratio of 40.05, a PEG ratio of 1.98 and a beta of 1.07. The stock’s fifty day simple moving average is $40.49 and its 200-day simple moving average is $41.54.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 3.35%. Advance Auto Parts’s payout ratio is -17.86%.

Insider Activity

In related news, CEO Shane M. Okelly bought 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the transaction, the chief executive officer now directly owns 183,121 shares of the company’s stock, valued at $6,737,021.59. This represents a 0.83 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares of the company’s stock, valued at approximately $1,163,490.50. This represents a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in Advance Auto Parts by 75.9% in the fourth quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock valued at $100,000 after acquiring an additional 914 shares during the period. Moody National Bank Trust Division bought a new stake in Advance Auto Parts during the fourth quarter worth about $1,196,000. Raymond James Financial Inc. acquired a new position in Advance Auto Parts during the fourth quarter valued at approximately $8,822,000. Commonwealth Equity Services LLC grew its stake in shares of Advance Auto Parts by 97.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 305,622 shares of the company’s stock valued at $14,453,000 after buying an additional 150,604 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Advance Auto Parts during the 4th quarter worth about $34,586,000. 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.