Advance Auto Parts (NYSE:AAP) Stock Price Up 4.5% on Analyst Upgrade

Advance Auto Parts, Inc. (NYSE:AAPGet Free Report) shot up 4.5% during trading on Thursday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $65.35 and last traded at $65.29. 211,088 shares changed hands during trading, a decline of 88% from the average session volume of 1,740,504 shares. The stock had previously closed at $62.48.

Several other brokerages have also weighed in on AAP. Bank of America raised their price objective on shares of Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Advance Auto Parts from $55.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Wedbush reissued a “neutral” rating and issued a $70.00 price target on shares of Advance Auto Parts in a research note on Friday, May 24th. Truist Financial cut their price objective on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Evercore ISI decreased their target price on shares of Advance Auto Parts from $80.00 to $72.00 and set an “in-line” rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a sell rating and seventeen have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $65.56.

View Our Latest Research Report on AAP

Insider Transactions at Advance Auto Parts

In other news, EVP Herman L. Word, Jr. sold 1,858 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $86.08, for a total value of $159,936.64. Following the sale, the executive vice president now owns 10,448 shares in the company, valued at $899,363.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Advance Auto Parts news, EVP Herman L. Word, Jr. sold 1,858 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $86.08, for a total value of $159,936.64. Following the completion of the sale, the executive vice president now owns 10,448 shares in the company, valued at approximately $899,363.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brent Windom acquired 4,700 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were purchased at an average cost of $85.34 per share, for a total transaction of $401,098.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $853,400. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several large investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after buying an additional 257 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Advance Auto Parts in the first quarter valued at approximately $34,000. Allworth Financial LP raised its position in Advance Auto Parts by 190.0% in the 4th quarter. Allworth Financial LP now owns 406 shares of the company’s stock worth $25,000 after purchasing an additional 266 shares during the last quarter. Principal Securities Inc. acquired a new position in Advance Auto Parts during the 4th quarter worth $27,000. Finally, Future Financial Wealth Managment LLC bought a new position in Advance Auto Parts in the 1st quarter valued at $43,000. Institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Price Performance

The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 90.49, a PEG ratio of 1.27 and a beta of 1.20. The company has a 50 day moving average price of $76.31 and a 200 day moving average price of $67.72.

Advance Auto Parts (NYSE:AAPGet Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The company reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.02). Advance Auto Parts had a net margin of 0.39% and a return on equity of 1.68%. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the company earned $0.72 earnings per share. The company’s quarterly revenue was down .3% on a year-over-year basis. As a group, equities research analysts forecast that Advance Auto Parts, Inc. will post 3.94 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, July 12th. Advance Auto Parts’s payout ratio is presently 135.14%.

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.

Further Reading

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