Advance Auto Parts (NYSE:AAP) Price Target Raised to $39.00 at Bank of America

Advance Auto Parts (NYSE:AAP - Free Report) had its target price upped by Bank of America from $33.00 to $39.00 in a research report released on Friday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

AAP has been the topic of a number of other research reports. BMO Capital Markets reiterated a "market perform" rating and issued a $50.00 target price (up previously from $40.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Citigroup decreased 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 set a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. Truist Financial lowered their price objective on shares of Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Finally, Wells Fargo & Company set a $35.00 target price on shares of Advance Auto Parts and gave the stock an "equal weight" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $46.11.

Advance Auto Parts Price Performance

Shares of NYSE AAP traded up $3.15 during mid-day trading on Friday, reaching $52.75. The company had a trading volume of 6,726,221 shares, compared to its average volume of 2,470,748. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. Advance Auto Parts has a one year low of $28.89 and a one year high of $71.62. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 72.26, a PEG ratio of 1.98 and a beta of 0.93. The business's 50-day simple moving average is $35.10 and its 200 day simple moving average is $40.53.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.59. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the firm earned $0.67 EPS. The business's quarterly revenue was down 24.2% compared to the same quarter last year. On average, research analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Advance Auto Parts's dividend payout ratio (DPR) is presently -17.04%.

Insider Buying and Selling at Advance Auto Parts

In other news, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the transaction, the director now owns 34,070 shares of the company's stock, valued at $1,163,490.50. The trade was a 75.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shane M. Okelly purchased 1,500 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the transaction, the chief executive officer now directly owns 183,121 shares of the company's stock, valued at approximately $6,737,021.59. The trade was 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 business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Advance Auto Parts by 14.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,979 shares of the company's stock valued at $7,096,000 after purchasing an additional 23,018 shares in the last quarter. Empowered Funds LLC boosted its stake in Advance Auto Parts by 1.9% during the first quarter. Empowered Funds LLC now owns 192,880 shares of the company's stock worth $7,563,000 after acquiring an additional 3,686 shares in the last quarter. Caxton Associates LLP bought a new position in Advance Auto Parts during the first quarter worth $1,068,000. Goldman Sachs Group Inc. boosted its stake in Advance Auto Parts by 327.7% during the first quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company's stock worth $14,230,000 after acquiring an additional 278,066 shares in the last quarter. Finally, Scientech Research LLC bought a new position in shares of Advance Auto Parts during the 1st quarter worth about $616,000. Institutional investors 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.