Advance Auto Parts (NYSE:AAP) Given New $44.00 Price Target at UBS Group

Advance Auto Parts (NYSE:AAP) had its target price lifted by UBS Group from $42.00 to $44.00 in a research note issued to investors on Friday morning, MarketBeat reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts have also weighed in on AAP. Mizuho reiterated a “neutral” rating and set a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Wedbush raised Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research note on Tuesday, October 15th. Truist Financial decreased their target price on Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Finally, Wells Fargo & Company dropped their price target on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Trading Up 6.4 %

Shares of AAP stock opened at $40.10 on Friday. The company has a market cap of $2.39 billion, a PE ratio of 54.93 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 stock’s 50 day simple moving average is $39.02 and its two-hundred day simple moving average is $54.11. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.30.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.53). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the previous year, the business earned ($0.82) EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts predict that Advance Auto Parts will post 2.26 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

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 issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is presently 136.99%.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Advance Auto Parts by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after purchasing an additional 40,669 shares during the last quarter. Pzena Investment Management LLC increased its position 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 valued at $113,409,000 after acquiring an additional 1,698,155 shares during the period. Capital World Investors raised its stake in Advance Auto Parts by 67.0% in the 1st 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 last quarter. Third Point LLC acquired a new stake in Advance Auto Parts during the 1st quarter worth about $127,234,000. Finally, Dimensional Fund Advisors LP grew its stake in Advance Auto Parts by 76.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after purchasing an additional 547,696 shares during the last quarter. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.