Advance Auto Parts (NYSE:AAP) Stock Price Down 6.4% on Analyst Downgrade

Advance Auto Parts, Inc. (NYSE:AAP - Get Free Report)'s stock price fell 6.4% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $41.00 to $39.00. Truist Financial currently has a hold rating on the stock. Advance Auto Parts traded as low as $38.48 and last traded at $38.58. 459,382 shares traded hands during trading, a decline of 77% from the average session volume of 2,029,338 shares. The stock had previously closed at $41.20.

Other analysts have also recently issued reports about the stock. UBS Group raised their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Friday. Wedbush upgraded Advance Auto Parts from a "neutral" rating to an "outperform" rating and set a $55.00 price target for the company in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lowered their target price on shares of 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. Evercore ISI cut their price target on shares of Advance Auto Parts from $71.00 to $67.00 and set an "in-line" rating on the stock in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company cut their price objective on Advance Auto Parts from $50.00 to $40.00 and set an "equal weight" rating on the stock in a report on Friday, September 13th. One equities research 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, the stock currently has an average rating of "Hold" and a consensus target price of $49.14.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. Diversified Trust Co boosted its holdings in shares of Advance Auto Parts by 3.5% during 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 raised its position in Advance Auto Parts by 6.8% in the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company's stock worth $234,000 after acquiring an additional 237 shares during the period. Covestor Ltd raised its position in Advance Auto Parts by 8.5% in the first quarter. Covestor Ltd now owns 3,395 shares of the company's stock worth $289,000 after acquiring an additional 266 shares during the period. Sei Investments Co. boosted its stake in shares of Advance Auto Parts by 0.5% during the 2nd quarter. Sei Investments Co. now owns 59,679 shares of the company's stock worth $3,779,000 after acquiring an additional 277 shares during the last quarter. Finally, Qsemble Capital Management LP increased its stake in shares of Advance Auto Parts by 7.6% in the 2nd 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. Institutional investors and hedge funds own 88.75% of the company's stock.

Advance Auto Parts Trading Down 8.5 %

The company has a market capitalization of $2.25 billion, a P/E 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 quick ratio of 0.30 and a current ratio of 1.23. The stock has a fifty day moving average of $39.02 and a 200 day moving average of $54.37.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company's quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.43 EPS. As a group, equities research analysts anticipate that Advance Auto Parts, Inc. will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be issued 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 dividend payout ratio is presently 10,000.00%.

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.