Advance Auto Parts (NYSE:AAP) Upgraded to “Outperform” at Wedbush

Wedbush upgraded shares of Advance Auto Parts (NYSE:AAP) from a neutral rating to an outperform rating in a report published on Tuesday morning, MarketBeat Ratings reports. Wedbush currently has $55.00 target price on the stock.

A number of other equities analysts have also commented on the stock. Truist Financial reduced their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a hold rating on the stock in a research report on Friday, August 23rd. Mizuho reissued a neutral rating and issued a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. JPMorgan Chase & Co. dropped their price target on Advance Auto Parts from $68.00 to $55.00 and set a neutral rating for the company in a report on Friday, August 16th. TD Cowen reduced their price objective on Advance Auto Parts from $65.00 to $55.00 and set a hold rating on the stock in a research note on Friday, August 23rd. Finally, Evercore ISI decreased their target price on Advance Auto Parts from $64.00 to $60.00 and set an in-line rating on the stock in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $56.54.

Advance Auto Parts Trading Up 0.0 %

AAP stock opened at $39.48 on Tuesday. Advance Auto Parts has a 1-year low of $36.40 and a 1-year high of $88.56. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The business’s 50 day moving average is $46.04 and its 200-day moving average is $60.64. The firm has a market cap of $2.35 billion, a P/E ratio of 57.22, a P/E/G ratio of 1.25 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the company earned $1.43 earnings per share. Equities analysts anticipate that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio is 144.93%.

Hedge Funds Weigh In On Advance Auto Parts

Several large investors have recently bought and sold shares of AAP. Hexagon Capital Partners LLC raised its position in shares of Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock valued at $30,000 after acquiring an additional 257 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Advance Auto Parts during the first quarter worth $34,000. Mather Group LLC. increased its holdings in Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after purchasing an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Advance Auto Parts in the second quarter valued at about $41,000. Finally, Future Financial Wealth Managment LLC bought a new position in Advance Auto Parts during the first quarter worth about $43,000. 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.