Advance Auto Parts (NYSE:AAP) Price Target Raised to $60.00

Advance Auto Parts (NYSE:AAP) had its price target hoisted by Evercore ISI from $45.00 to $60.00 in a report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has a hold rating on the stock.

Several other research analysts have also recently weighed in on the company. Roth Mkm restated a “neutral” rating and set a $40.00 target price on shares of Advance Auto Parts in a report on Wednesday, October 16th. TD Cowen dropped their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. DA Davidson reiterated a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a research note on Friday, November 15th. Finally, Truist Financial reduced their target price on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a report on Friday, November 15th. 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.64.

Advance Auto Parts Stock Up 5.4 %

Shares of AAP opened at $40.79 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.44 billion, a P/E ratio of 55.88 and a beta of 1.17. The stock’s 50 day moving average is $39.02 and its two-hundred day moving average is $53.16. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the business posted ($0.82) EPS. Advance Auto Parts’s revenue was down 3.2% compared to the same quarter last year. Analysts predict that Advance Auto Parts will post -0.51 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s payout ratio is 136.99%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AAP. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts in the 1st quarter valued at approximately $34,000. UniSuper Management Pty Ltd acquired a new stake in Advance Auto Parts during the first quarter valued at approximately $1,083,000. CANADA LIFE ASSURANCE Co raised its position in shares of Advance Auto Parts by 4.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 59,203 shares of the company’s stock valued at $5,040,000 after acquiring an additional 2,537 shares in the last quarter. Natixis bought a new position in shares of Advance Auto Parts in the 1st quarter worth about $5,397,000. Finally, Shell Asset Management Co. bought a new position in Advance Auto Parts in the first quarter worth about $310,000. Institutional investors and hedge funds 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.