Truist Financial Has Lowered Expectations for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its price objective decreased by Truist Financial from $41.00 to $39.00 in a report published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

AAP has been the subject of several other research reports. Wedbush upgraded shares of 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. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Mizuho restated a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. UBS Group raised their price objective on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Roth Mkm reissued a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 16th. One equities research 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. According to MarketBeat, Advance Auto Parts has an average rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Stock Down 8.5 %

NYSE:AAP traded down $3.51 on Friday, hitting $37.69. The stock had a trading volume of 5,899,565 shares, compared to its average volume of 2,053,840. 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 market cap of $2.25 billion, a P/E ratio of 51.62, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The firm’s fifty day simple moving average is $39.02 and its two-hundred day simple moving average is $54.37.

Advance Auto Parts (NYSE:AAP) last posted 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 firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter last year, the business posted $1.43 EPS. Analysts predict 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, January 24th. Shareholders of record on Friday, January 10th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s payout ratio is 136.99%.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in shares of Advance Auto Parts by 1.0% during 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 buying an additional 40,669 shares during the period. Pzena Investment Management LLC grew its stake in shares of Advance Auto Parts by 140.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Capital World Investors increased its position in Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after buying an additional 615,674 shares in the last quarter. Third Point LLC purchased a new position in Advance Auto Parts during the first quarter valued at $127,234,000. Finally, Dimensional Fund Advisors LP raised its stake 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 valued at $80,197,000 after buying an additional 547,696 shares during the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

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.