Redburn Atlantic Upgrades Advance Auto Parts (NYSE:AAP) to "Neutral"

Redburn Atlantic upgraded shares of Advance Auto Parts (NYSE:AAP - Free Report) from a sell rating to a neutral rating in a report released on Tuesday morning, MarketBeat.com reports. The firm currently has $45.00 price target on the stock, up from their prior price target of $28.00.

A number of other analysts have also weighed in on AAP. Cowen restated a "hold" rating on shares of Advance Auto Parts in a research note on Friday, May 23rd. Raymond James lifted their price objective on Advance Auto Parts to $49.17 and gave the stock a "hold" rating in a research note on Monday, May 26th. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 27th. Wedbush restated an "outperform" rating and issued a $55.00 price objective on shares of Advance Auto Parts in a research report on Monday, March 3rd. Finally, Truist Financial reduced their target price on Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of "Hold" and an average price target of $46.01.

Advance Auto Parts Price Performance

Advance Auto Parts stock traded down $0.25 during mid-day trading on Tuesday, hitting $51.72. 1,984,009 shares of the company were exchanged, compared to its average volume of 2,461,409. The company has a market capitalization of $3.10 billion, a PE ratio of 70.85, a price-to-earnings-growth ratio of 1.98 and a beta of 0.93. Advance Auto Parts has a 1-year low of $28.89 and a 1-year high of $67.03. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The business has a fifty day moving average of $36.28 and a 200 day moving average of $40.88.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.81) by $0.59. The company had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $2.51 billion. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. Advance Auto Parts's quarterly revenue was down 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 earnings per share. As a group, sell-side analysts expect that Advance Auto Parts will post -0.46 earnings per share for the current 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Friday, July 11th. Advance Auto Parts's dividend payout ratio (DPR) is -17.04%.

Insiders Place Their Bets

In other Advance Auto Parts news, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the purchase, the chief executive officer now owns 183,121 shares of the company's stock, valued at $6,737,021.59. The trade was a 0.83% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eugene I. Lee, Jr. acquired 14,640 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the acquisition, the director now owns 34,070 shares of the company's stock, valued at approximately $1,163,490.50. The trade was a 75.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.35% of the company's stock.

Hedge Funds Weigh In On Advance Auto Parts

A number of hedge funds have recently bought and sold shares of AAP. Blue Trust Inc. lifted its stake in Advance Auto Parts by 75.9% during the fourth quarter. Blue Trust Inc. now owns 2,119 shares of the company's stock worth $100,000 after purchasing an additional 914 shares during the last quarter. Annandale Capital LLC raised its holdings in Advance Auto Parts by 46.6% during the 4th quarter. Annandale Capital LLC now owns 109,241 shares of the company's stock worth $5,166,000 after purchasing an additional 34,746 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Advance Auto Parts in the fourth quarter valued at $8,822,000. Commonwealth Equity Services LLC boosted its position in shares of Advance Auto Parts by 97.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 305,622 shares of the company's stock valued at $14,453,000 after purchasing an additional 150,604 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of Advance Auto Parts during the 4th quarter worth approximately $34,586,000. 88.75% of the stock is owned by institutional investors.

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.