BMO Capital Markets Reiterates "Market Perform" Rating for Advance Auto Parts (NYSE:AAP)

BMO Capital Markets restated their market perform rating on shares of Advance Auto Parts (NYSE:AAP - Free Report) in a research note released on Friday morning, MarketBeat.com reports. BMO Capital Markets currently has a $50.00 price objective on the stock, up from their prior price objective of $40.00.

Other equities analysts have also recently issued research reports about the stock. Truist Financial dropped 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. Morgan Stanley increased their price objective on Advance Auto Parts from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday. Wells Fargo & Company set a $35.00 target price on Advance Auto Parts and gave the company an "equal weight" rating in a research report on Monday, May 19th. Evercore ISI increased their price target on Advance Auto Parts from $35.00 to $45.00 and gave the company an "in-line" rating in a research report on Friday. Finally, 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. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $45.90.

Advance Auto Parts Stock Up 1.9%

NYSE:AAP traded up $0.92 on Friday, hitting $49.59. The stock had a trading volume of 5,338,472 shares, compared to its average volume of 2,453,683. The company has a market cap of $2.97 billion, a PE ratio of 67.93, a P/E/G ratio of 1.98 and a beta of 0.93. Advance Auto Parts has a 52 week low of $28.89 and a 52 week high of $71.62. The business's fifty day moving average is $34.86 and its 200 day moving average is $40.47. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the previous year, the business posted $0.67 EPS. Advance Auto Parts's quarterly revenue was down 24.2% on a year-over-year basis. On average, equities research analysts expect that Advance Auto Parts will post -0.46 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be paid a $0.25 dividend. The ex-dividend date is Friday, July 11th. This represents a $1.00 annualized dividend and a yield of 2.02%. Advance Auto Parts's payout ratio is -17.04%.

Insider Buying and Selling at Advance Auto Parts

In other news, CEO Shane M. Okelly purchased 1,500 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average price of $36.79 per share, with a total value 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. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $34.15 per share, with a total value of $499,956.00. Following the purchase, the director now directly owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35% increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Advance Auto Parts

Large investors have recently modified their holdings of the business. CIBC Asset Management Inc boosted its stake in Advance Auto Parts by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 5,865 shares of the company's stock worth $277,000 after buying an additional 221 shares in the last quarter. Yousif Capital Management LLC raised its stake in shares of Advance Auto Parts by 1.1% during the fourth quarter. Yousif Capital Management LLC now owns 26,258 shares of the company's stock worth $1,242,000 after acquiring an additional 281 shares in the last quarter. Central Pacific Bank Trust Division lifted its holdings in shares of Advance Auto Parts by 10.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 3,300 shares of the company's stock worth $129,000 after acquiring an additional 300 shares during the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of Advance Auto Parts by 5.0% in the 4th quarter. Ingalls & Snyder LLC now owns 6,680 shares of the company's stock worth $316,000 after acquiring an additional 317 shares during the last quarter. Finally, Sovran Advisors LLC boosted its stake in shares of Advance Auto Parts by 4.3% in the 1st quarter. Sovran Advisors LLC now owns 7,822 shares of the company's stock valued at $307,000 after purchasing an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company's stock.

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.