Evercore ISI Trims Advance Auto Parts (NYSE:AAP) Target Price to $67.00

Advance Auto Parts (NYSE:AAP) had its target price cut by Evercore ISI from $71.00 to $67.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an in-line rating on the stock.

Other equities analysts also recently issued research reports about the company. Mizuho reaffirmed a “neutral” rating and issued a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Truist Financial cut their price objective on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. TD Cowen cut their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. Roth Mkm reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Finally, Roth Capital raised Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.86.

Advance Auto Parts Stock Performance

NYSE AAP opened at $37.28 on Tuesday. The company has a market cap of $2.22 billion, a P/E ratio of 54.03, a P/E/G ratio of 1.25 and a beta of 1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23. The business’s 50 day moving average price is $42.70 and its 200-day moving average price is $58.53. Advance Auto Parts has a fifty-two week low of $36.40 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 EPS. Sell-side analysts predict that Advance Auto Parts will post 2.19 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is currently 144.93%.

Institutional Investors Weigh In On Advance Auto Parts

A number of hedge funds have recently made changes to their positions in AAP. Third Point LLC purchased a new stake in shares of Advance Auto Parts during the 1st quarter worth $127,234,000. Dorsal Capital Management LP raised its stake in Advance Auto Parts by 159.7% in the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after buying an additional 768,664 shares during the last quarter. Capital World Investors raised its stake in Advance Auto Parts by 67.0% in the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after buying an additional 615,674 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Advance Auto Parts by 76.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after buying an additional 547,696 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Advance Auto Parts in the third quarter valued at about $17,477,000. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

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.