Advance Auto Parts (NYSE:AAP) Upgraded by Wedbush to Outperform

Wedbush upgraded shares of Advance Auto Parts (NYSE:AAP) from a neutral rating to an outperform rating in a research note released on Tuesday, Marketbeat reports. They currently have $55.00 price target on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.51 EPS.

Other analysts have also issued reports about the stock. Evercore ISI lowered their target price on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a research note on Friday, August 23rd. TD Cowen lowered their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Wells Fargo & Company lowered their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Truist Financial lowered their target price on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Finally, Mizuho reaffirmed a “neutral” rating and issued a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.36.

Advance Auto Parts Stock Up 1.1 %

NYSE AAP opened at $39.82 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The company has a fifty day moving average of $44.42 and a two-hundred day moving average of $59.71. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 57.71, a PEG ratio of 1.25 and a beta of 1.16. Advance Auto Parts has a 52 week low of $36.40 and a 52 week high of $88.56.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.43 earnings per share. On average, 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. Stockholders of record on Friday, October 11th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.51%. Advance Auto Parts’s dividend payout ratio (DPR) is currently 144.93%.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds have recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its holdings in shares of Advance Auto Parts by 267.7% during the first quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock valued at $30,000 after acquiring an additional 257 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Advance Auto Parts during the first quarter valued at about $34,000. Mather Group LLC. increased its holdings in shares of Advance Auto Parts by 1,241.7% during the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after acquiring an additional 596 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Advance Auto Parts during the second quarter valued at about $41,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Advance Auto Parts in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.