Advance Auto Parts (NYSE:AAP) Stock Price Up 5.3% – What’s Next?

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price was up 5.3% on Thursday . The company traded as high as $39.78 and last traded at $39.82. Approximately 490,377 shares traded hands during trading, a decline of 77% from the average daily volume of 2,099,494 shares. The stock had previously closed at $37.82.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AAP shares. Evercore ISI reduced their price target on shares of Advance Auto Parts from $37.00 to $35.00 and set an “in-line” rating on the stock in a report on Tuesday, March 11th. Wells Fargo & Company boosted their target price on Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Royal Bank of Canada cut their price target on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Wedbush reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Advance Auto Parts in a report on Monday, March 3rd. Finally, Truist Financial reduced their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $45.13.

Advance Auto Parts Price Performance

The stock has a market cap of $2.33 billion, a PE ratio of 53.32, a PEG ratio of 1.98 and a beta of 1.27. The firm’s 50-day moving average price is $42.48 and its two-hundred day moving average price is $41.84. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Friday, April 11th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.57%. Advance Auto Parts’s payout ratio is -17.86%.

Insiders Place Their Bets

In related news, Director Eugene I. Lee, Jr. bought 14,640 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $34.15 per share, for a total transaction of $499,956.00. Following the purchase, the director now directly owns 34,070 shares of the company’s stock, valued at approximately $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Shane M. Okelly purchased 1,500 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the purchase, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. This represents a 0.83 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc raised its stake in Advance Auto Parts by 207.4% in 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 lifted its holdings in shares of Advance Auto Parts by 1,543.4% during the fourth quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after purchasing an additional 818 shares during the period. Vision Financial Markets LLC purchased a new stake in Advance Auto Parts in the fourth quarter valued at approximately $42,000. Advisory Services Network LLC acquired a new position in Advance Auto Parts in the 4th quarter worth approximately $46,000. Finally, GAMMA Investing LLC lifted its stake in Advance Auto Parts by 198.3% during the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company’s stock valued at $74,000 after acquiring an additional 1,047 shares during the period. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.