Advance Auto Parts (NYSE:AAP) Given New $70.00 Price Target at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its target price lowered by Evercore ISI from $73.00 to $70.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other research analysts also recently commented on AAP. Bank of America lifted their price target on Advance Auto Parts from $51.00 to $55.00 and gave the stock an underperform rating in a research report on Thursday, May 30th. UBS Group upped their target price on shares of Advance Auto Parts from $68.00 to $72.00 and gave the company a neutral rating in a research note on Tuesday, May 28th. Mizuho decreased their price target on shares of Advance Auto Parts from $78.00 to $64.00 and set a neutral rating on the stock in a research report on Monday, June 10th. Truist Financial cut their price objective on shares of Advance Auto Parts from $70.00 to $63.00 and set a hold rating for the company in a research report on Thursday, May 30th. Finally, Wedbush restated a neutral rating and set a $70.00 price target on shares of Advance Auto Parts in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating and fifteen have given a hold rating to the company. According to MarketBeat.com, Advance Auto Parts presently has a consensus rating of Hold and an average target price of $63.80.

Advance Auto Parts Stock Performance

AAP opened at $60.61 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.29 and a current ratio of 1.22. The company has a market cap of $3.61 billion, a PE ratio of 87.84, a price-to-earnings-growth ratio of 1.22 and a beta of 1.20. The stock has a 50-day moving average of $68.97 and a 200-day moving average of $69.42. Advance Auto Parts has a 52-week low of $47.73 and a 52-week high of $88.56.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the company earned $0.72 EPS. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. As a group, equities research analysts forecast that Advance Auto Parts will post 3.72 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, July 12th. This represents a $1.00 annualized dividend and a yield of 1.65%. Advance Auto Parts’s dividend payout ratio is 144.93%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AAP. Third Point LLC bought a new stake in shares of Advance Auto Parts during the first quarter worth $127,234,000. Federated Hermes Inc. lifted its position in Advance Auto Parts by 2,716,800.0% during the 4th quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock worth $51,402,000 after buying an additional 842,208 shares in the last quarter. UBS Group AG grew its holdings in Advance Auto Parts by 337.7% during the 4th quarter. UBS Group AG now owns 811,734 shares of the company’s stock worth $49,540,000 after acquiring an additional 626,294 shares during the last quarter. Capital World Investors raised its stake in shares of Advance Auto Parts by 67.0% in the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after acquiring an additional 615,674 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Advance Auto Parts during the fourth quarter worth approximately $37,522,000. 88.75% of the stock is 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.