Advance Auto Parts (NYSE:AAP) Given New $43.00 Price Target at The Goldman Sachs Group

Advance Auto Parts (NYSE:AAP) had its target price lowered by The Goldman Sachs Group from $60.00 to $43.00 in a research note issued to investors on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price target on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Roth Capital upgraded Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Roth Mkm restated a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 16th. Truist Financial cut their price target on Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Finally, Wedbush raised Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective for the company in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $49.14.

Advance Auto Parts Price Performance

Shares of NYSE:AAP traded down $3.51 during trading on Friday, hitting $37.69. 5,899,565 shares of the company’s stock were exchanged, compared to its average volume of 2,053,840. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. Advance Auto Parts has a 52-week low of $35.59 and a 52-week high of $88.56. The business’s 50-day simple moving average is $39.02 and its 200 day simple moving average is $54.37. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 51.62, a PEG ratio of 1.33 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.43 EPS. As a group, equities analysts predict that Advance Auto Parts will post 2.19 EPS for the current year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 136.99%.

Institutional Trading of Advance Auto Parts

Hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC boosted its position in Advance Auto Parts by 140.3% during 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 in the last quarter. Third Point LLC purchased a new stake in shares of Advance Auto Parts during the 1st quarter worth $127,234,000. Dorsal Capital Management LP grew its stake in Advance Auto Parts by 159.7% in the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after purchasing an additional 768,664 shares during the last quarter. Capital World Investors raised its holdings in Advance Auto Parts by 67.0% in the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after purchasing an additional 615,674 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Advance Auto Parts by 76.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after buying 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.