Advance Auto Parts (NYSE:AAP) Sets New 1-Year Low at $37.51

Shares of Advance Auto Parts, Inc. (NYSE:AAP) reached a new 52-week low during trading on Wednesday . The company traded as low as $37.51 and last traded at $37.66, with a volume of 208840 shares traded. The stock had previously closed at $37.78.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. TD Cowen reduced their price target 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. Wedbush reaffirmed a “neutral” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Advance Auto Parts in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their target price on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Truist Financial lowered their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Finally, Mizuho reissued 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 analyst has rated the stock with a sell rating and fourteen have given a hold rating to the company’s stock. According to data from MarketBeat.com, Advance Auto Parts presently has a consensus rating of “Hold” and a consensus target price of $56.54.

Advance Auto Parts Price Performance

The stock has a 50 day moving average of $50.56 and a two-hundred day moving average of $63.90. 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 firm has a market capitalization of $2.25 billion, a P/E ratio of 54.74, a P/E/G ratio of 1.32 and a beta of 1.17.

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

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s dividend payout ratio is 144.93%.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Advance Auto Parts during the second quarter worth approximately $5,991,000. Creative Planning boosted its holdings in Advance Auto Parts by 11.4% in the 2nd quarter. Creative Planning now owns 19,338 shares of the company’s stock valued at $1,225,000 after purchasing an additional 1,984 shares during the period. Algert Global LLC acquired a new stake in Advance Auto Parts in the 2nd quarter worth $380,000. Clearline Capital LP increased its holdings in shares of Advance Auto Parts by 115.4% during the 2nd quarter. Clearline Capital LP now owns 405,545 shares of the company’s stock worth $25,683,000 after purchasing an additional 217,276 shares during the period. Finally, Annandale Capital LLC raised its position in shares of Advance Auto Parts by 52.7% during the second quarter. Annandale Capital LLC now owns 69,865 shares of the company’s stock valued at $4,425,000 after buying an additional 24,100 shares during the last quarter. 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.