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

Advance Auto Parts (NYSE:AAP) had its price target trimmed by Truist Financial from $41.00 to $39.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other analysts also recently issued reports on the stock. UBS Group increased their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday. Royal Bank of Canada lowered their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research note on Monday, November 11th. The Goldman Sachs Group cut their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday. Roth Capital raised Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Finally, Evercore ISI dropped their price objective on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Stock Performance

NYSE AAP opened at $37.69 on Friday. The firm has a market capitalization of $2.25 billion, a P/E ratio of 51.63 and a beta of 1.17. The stock has a 50-day simple moving average of $39.02 and a two-hundred day simple moving average of $54.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.34. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results 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). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the prior year, the business posted ($0.82) earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, equities analysts forecast that Advance Auto Parts will post 2.26 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s payout ratio is 136.99%.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently modified their holdings of AAP. Diversified Trust Co raised its holdings in Advance Auto Parts by 3.5% in the 2nd quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock valued at $430,000 after acquiring an additional 232 shares during the last quarter. OLD National Bancorp IN increased its holdings in shares of Advance Auto Parts by 6.8% in the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock valued at $234,000 after purchasing an additional 237 shares during the last quarter. Covestor Ltd lifted its position in Advance Auto Parts by 8.5% during the first quarter. Covestor Ltd now owns 3,395 shares of the company’s stock worth $289,000 after buying an additional 266 shares in the last quarter. Sei Investments Co. lifted its position in Advance Auto Parts by 0.5% during the second quarter. Sei Investments Co. now owns 59,679 shares of the company’s stock worth $3,779,000 after buying an additional 277 shares in the last quarter. Finally, Qsemble Capital Management LP boosted its stake in Advance Auto Parts by 7.6% during the second quarter. Qsemble Capital Management LP now owns 4,036 shares of the company’s stock worth $256,000 after buying an additional 285 shares during the last quarter. 88.75% of the stock is 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.