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

Advance Auto Parts (NYSE:AAP) had its target price trimmed by Evercore ISI from $37.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has an in-line rating on the stock.

Several other equities analysts also recently weighed in on AAP. Citigroup cut their price target on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Wedbush reiterated an “outperform” rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research note on Monday, March 3rd. UBS Group raised their target price on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Wells Fargo & Company upped their price target on shares of Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Truist Financial reduced their price objective on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.13.

Advance Auto Parts Trading Down 0.1 %

NYSE:AAP opened at $36.53 on Tuesday. The company has a market capitalization of $2.18 billion, a P/E ratio of 50.04, a PEG ratio of 1.98 and a beta of 1.27. 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 has a 12 month low of $33.08 and a 12 month high of $88.56. The firm has a fifty day simple moving average of $44.78 and a 200-day simple moving average of $42.45.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $1.00 annualized dividend and a yield of 2.74%. Advance Auto Parts’s dividend payout ratio (DPR) is presently -17.86%.

Insider Activity

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $34.15 per share, with a total value of $499,956.00. Following the purchase, the director now directly owns 34,070 shares of the company’s stock, valued at $1,163,490.50. This trade represents a 75.35 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. boosted its holdings in Advance Auto Parts by 45.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,909 shares of the company’s stock valued at $387,000 after purchasing an additional 3,088 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Advance Auto Parts by 35.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 40,390 shares of the company’s stock valued at $1,575,000 after acquiring an additional 10,623 shares during the last quarter. Wolverine Asset Management LLC increased its stake in Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after acquiring an additional 21,320 shares during the last quarter. Versor Investments LP purchased a new stake in Advance Auto Parts in the third quarter valued at $781,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Advance Auto Parts by 24.9% in the 3rd quarter. Victory Capital Management Inc. now owns 56,016 shares of the company’s stock valued at $2,184,000 after purchasing an additional 11,183 shares during the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.