Advance Auto Parts (NYSE:AAP) Price Target Raised to $60.00

Advance Auto Parts (NYSE:AAP) had its price objective hoisted by Evercore ISI from $45.00 to $60.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. Evercore ISI currently has a hold rating on the stock.

AAP has been the subject of several other reports. JPMorgan Chase & Co. dropped their price objective on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. UBS Group lifted their price objective on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Roth Mkm restated a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Advance Auto Parts in a report on Friday, November 15th. Finally, Truist Financial lowered their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and an average target price of $48.64.

Advance Auto Parts Stock Up 5.4 %

AAP opened at $40.79 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The business has a 50 day simple moving average of $39.03 and a 200-day simple moving average of $53.39. The stock has a market capitalization of $2.44 billion, a P/E ratio of 55.27 and a beta of 1.17. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56.

Advance Auto Parts (NYSE:AAP) last released 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). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same period in the previous year, the business earned ($0.82) earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities analysts anticipate that Advance Auto Parts will post -0.52 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

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 2.45%. Advance Auto Parts’s dividend payout ratio (DPR) is 136.99%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Diversified Trust Co lifted its position in Advance Auto Parts by 3.5% during the second quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock valued at $430,000 after buying an additional 232 shares in the last quarter. OLD National Bancorp IN lifted its position in Advance Auto Parts by 6.8% during the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock valued at $234,000 after buying an additional 237 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 valued at $3,779,000 after buying an additional 277 shares in the last quarter. Qsemble Capital Management LP lifted its position in shares of 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 purchasing an additional 285 shares in the last quarter. Finally, Everence Capital Management Inc. lifted its position in shares of Advance Auto Parts by 3.7% during the third quarter. Everence Capital Management Inc. now owns 8,330 shares of the company’s stock worth $325,000 after purchasing an additional 300 shares in the last quarter. 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.