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

Advance Auto Parts (NYSE:AAP - Free Report) had its price target reduced by Truist Financial from $41.00 to $39.00 in a report released on Friday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages have also recently commented on AAP. Mizuho reiterated a "neutral" rating and issued a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. UBS Group raised their target price on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Friday. Roth Capital upgraded shares of Advance Auto Parts to a "hold" rating in a report on Tuesday, October 15th. Royal Bank of Canada decreased their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a "sector perform" rating for the company in a report on Monday. Finally, Evercore ISI decreased their target price on shares of Advance Auto Parts from $71.00 to $67.00 and set an "in-line" rating for the company in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Advance Auto Parts has an average rating of "Hold" and an average price target of $49.14.

Advance Auto Parts Price Performance

Shares of AAP traded down $3.52 during mid-day trading on Friday, hitting $37.68. The company's stock had a trading volume of 5,899,046 shares, compared to its average volume of 2,053,840. The firm has a 50-day moving average price of $39.02 and a 200 day moving average price of $54.37. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 3,768.00, a PEG ratio of 1.33 and a beta of 1.17. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the firm earned $1.43 EPS. The business's revenue for the quarter was down .1% on a year-over-year basis. On average, research analysts predict that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts's payout ratio is presently 10,000.00%.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in shares of Advance Auto Parts by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company's stock valued at $340,268,000 after purchasing an additional 40,669 shares during the period. Pzena Investment Management LLC increased its position in Advance Auto Parts by 140.3% during the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company's stock worth $113,409,000 after acquiring an additional 1,698,155 shares during the period. Capital World Investors increased its position in Advance Auto Parts by 67.0% during 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 period. Third Point LLC bought a new position in Advance Auto Parts during the first quarter worth $127,234,000. Finally, Dimensional Fund Advisors LP increased its position in Advance Auto Parts by 76.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company's stock worth $80,197,000 after acquiring an additional 547,696 shares during the period. Institutional investors own 88.75% of the company's stock.

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.