Truist Financial Cuts Advance Auto Parts (NYSE:AAP) Price Target to $39.00

Advance Auto Parts (NYSE:AAP) had its price target reduced by Truist Financial from $41.00 to $39.00 in a research note published on Friday,Benzinga reports. They currently have a hold rating on the stock.

Several other analysts have also recently issued reports on AAP. UBS Group upped their price objective on Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday. 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 report on Thursday, September 12th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Wedbush upgraded shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research note on Tuesday, October 15th. Finally, The Goldman Sachs Group cut their target price on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $49.14.

Advance Auto Parts Stock Up 6.4 %

AAP stock opened at $40.10 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The firm has a 50 day simple moving average of $39.02 and a 200-day simple moving average of $54.11. The company has a market capitalization of $2.39 billion, a P/E ratio of 54.93 and a beta of 1.17. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. Advance Auto Parts’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.82) earnings per share. On average, equities research analysts predict that Advance Auto Parts will post 2.26 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.00 dividend on an annualized basis and a yield of 2.49%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 136.99%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in Advance Auto Parts in the 1st quarter valued at about $34,000. Mather Group LLC. lifted its position in Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after purchasing an additional 596 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in Advance Auto Parts during the 2nd quarter valued at $41,000. Blue Trust Inc. increased its position in shares of Advance Auto Parts by 98.7% during the 2nd quarter. Blue Trust Inc. now owns 769 shares of the company’s stock valued at $49,000 after purchasing an additional 382 shares during the period. Finally, AM Squared Ltd bought a new stake in shares of Advance Auto Parts in the 2nd quarter worth $63,000. 88.75% of the stock is 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.