Advance Auto Parts (NYSE:AAP) Price Target Raised to $39.00 at Bank of America

Advance Auto Parts (NYSE:AAP) had its price objective upped by Bank of America from $33.00 to $39.00 in a research note published on Friday,Benzinga reports. They currently have an underperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada dropped their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets increased their price target on shares of Advance Auto Parts from $40.00 to $50.00 and gave the company a “market perform” rating in a report on Friday. Truist Financial cut their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group reiterated a “neutral” rating and set a $48.00 price target (up previously from $43.00) on shares of Advance Auto Parts in a report on Thursday. Finally, Evercore ISI increased their price target on shares of Advance Auto Parts from $35.00 to $45.00 and gave the company an “in-line” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $45.71.

Advance Auto Parts Trading Down 1.0%

NYSE:AAP opened at $48.70 on Friday. Advance Auto Parts has a one year low of $28.89 and a one year high of $71.62. 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’s 50-day simple moving average is $34.63 and its 200 day simple moving average is $40.37. The firm has a market capitalization of $2.91 billion, a P/E ratio of 66.71, a PEG ratio of 1.98 and a beta of 0.93.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.59. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the previous year, the firm posted $0.67 earnings per share. Advance Auto Parts’s quarterly revenue was down 24.2% on a year-over-year basis. As a group, analysts forecast that Advance Auto Parts will post -0.46 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.05%. Advance Auto Parts’s dividend payout ratio (DPR) is -17.86%.

Insider Activity at Advance Auto Parts

In related news, Director Eugene I. Lee, Jr. acquired 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the transaction, the director now directly owns 34,070 shares in the company, valued at approximately $1,163,490.50. This trade represents a 75.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shane M. Okelly acquired 1,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were bought 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 owns 183,121 shares of the company’s stock, valued at $6,737,021.59. This trade represents a 0.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Advance Auto Parts by 14.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,979 shares of the company’s stock worth $7,096,000 after acquiring an additional 23,018 shares during the period. Empowered Funds LLC raised its position in Advance Auto Parts by 1.9% in the first quarter. Empowered Funds LLC now owns 192,880 shares of the company’s stock worth $7,563,000 after acquiring an additional 3,686 shares during the period. Caxton Associates LLP bought a new position in Advance Auto Parts in the first quarter worth approximately $1,068,000. Goldman Sachs Group Inc. raised its position in Advance Auto Parts by 327.7% in the first quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company’s stock worth $14,230,000 after acquiring an additional 278,066 shares during the period. Finally, Scientech Research LLC bought a new position in Advance Auto Parts in the first quarter worth approximately $616,000. 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.