Advance Auto Parts (NYSE:AAP) PT Lowered to $40.00 at Wells Fargo & Company

Advance Auto Parts (NYSE:AAP) had its target price decreased by Wells Fargo & Company from $50.00 to $40.00 in a research report released on Friday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has an equal weight rating on the stock.

AAP has been the topic of several other research reports. Evercore ISI dropped their price target on Advance Auto Parts from $64.00 to $60.00 and set an in-line rating on the stock in a research note on Friday, August 23rd. Bank of America lifted their target price on Advance Auto Parts from $51.00 to $55.00 and gave the company an underperform rating in a research report on Thursday, May 30th. Wedbush reaffirmed a neutral rating and issued a $55.00 target price (down previously from $65.00) on shares of Advance Auto Parts in a research report on Friday, August 23rd. Truist Financial reduced their price target on Advance Auto Parts from $63.00 to $46.00 and set a hold rating for the company in a report on Friday, August 23rd. Finally, Mizuho reiterated a neutral rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating and fourteen have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $56.54.

Advance Auto Parts Stock Down 0.7 %

NYSE:AAP opened at $41.14 on Friday. Advance Auto Parts has a 12-month low of $37.51 and a 12-month high of $88.56. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $2.45 billion, a P/E ratio of 59.62, a P/E/G ratio of 1.26 and a beta of 1.17. The stock’s fifty day simple moving average is $55.00 and its 200-day simple moving average is $66.45.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.43 EPS. Equities research analysts expect that Advance Auto Parts will post 2.19 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, October 11th. This represents a $1.00 annualized dividend and a yield of 2.43%. Advance Auto Parts’s dividend payout ratio is currently 144.93%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kovack Advisors Inc. increased its holdings in shares of Advance Auto Parts by 0.7% during the first quarter. Kovack Advisors Inc. now owns 22,727 shares of the company’s stock worth $1,934,000 after buying an additional 150 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Advance Auto Parts by 28.0% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 895 shares of the company’s stock worth $76,000 after buying an additional 196 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Advance Auto Parts by 8.2% during the fourth quarter. Quadrant Capital Group LLC now owns 2,711 shares of the company’s stock worth $165,000 after buying an additional 206 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Advance Auto Parts by 3.5% during the second quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock worth $430,000 after buying an additional 232 shares in the last quarter. Finally, OLD National Bancorp IN increased its holdings in shares of Advance Auto Parts by 6.8% during the second quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after buying an additional 237 shares in the last quarter. 88.75% of the stock is currently 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.