Advance Auto Parts (NYSE:AAP) Price Target Cut to $35.00 by Analysts at Evercore ISI

by · The Cerbat Gem

Advance Auto Parts (NYSE:AAP – Free Report) had its price objective reduced by Evercore ISI from $37.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. They currently have an in-line rating on the stock.

AAP has been the subject of several other research reports. Citigroup dropped their price objective on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Wedbush restated an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research report on Monday, March 3rd. The Goldman Sachs Group dropped their target price on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Barclays dropped their target price on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Finally, Truist Financial dropped their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $45.13.

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Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $38.04 on Tuesday. Advance Auto Parts has a twelve month low of $33.08 and a twelve month high of $88.56. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The company has a 50-day simple moving average of $44.37 and a two-hundred day simple moving average of $42.33. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 52.11, a price-to-earnings-growth ratio of 1.98 and a beta of 1.27.

Advance Auto Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, April 11th. Advance Auto Parts’s dividend payout ratio (DPR) is presently -17.86%.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, with a total value of $55,185.00. Following the acquisition, the chief executive officer now directly owns 183,121 shares of the company’s stock, valued at $6,737,021.59. The trade was a 0.83 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of Advance Auto Parts stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the acquisition, the director now directly owns 34,070 shares in the company, valued at approximately $1,163,490.50. The trade was a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in Advance Auto Parts by 207.4% during the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company’s stock worth $26,000 after acquiring an additional 365 shares during the last quarter. Allworth Financial LP grew its holdings in Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after acquiring an additional 818 shares during the last quarter. Vision Financial Markets LLC bought a new stake in Advance Auto Parts during the 4th quarter worth approximately $42,000. Advisory Services Network LLC bought a new stake in Advance Auto Parts during the 4th quarter worth approximately $46,000. Finally, GAMMA Investing LLC boosted its stake in shares of Advance Auto Parts by 198.3% in the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock valued at $74,000 after purchasing an additional 1,047 shares during the last quarter. 88.75% of the stock is owned by institutional investors.

About Advance Auto Parts

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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.

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