Advance Auto Parts (NYSE:AAP) Lowered to Sell Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Advance Auto Parts (NYSE:AAP - Free Report) from a neutral rating to a sell rating in a research report report published on Tuesday, Marketbeat.com reports. The Goldman Sachs Group currently has $46.00 price target on the stock, down from their previous price target of $48.00.

AAP has been the subject of several other research reports. Evercore ISI upped their price objective on shares of Advance Auto Parts from $45.00 to $50.00 and gave the stock an "in-line" rating in a research report on Tuesday, June 17th. Truist Financial cut their price target on shares of Advance Auto Parts from $39.00 to $34.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Cowen reiterated a "hold" rating on shares of Advance Auto Parts in a research report on Friday, May 23rd. Wall Street Zen upgraded shares of Advance Auto Parts from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Royal Bank Of Canada reduced their target price on Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Advance Auto Parts has an average rating of "Hold" and an average target price of $46.25.

Advance Auto Parts Stock Performance

Shares of AAP traded down $3.64 during midday trading on Tuesday, reaching $48.29. 5,997,444 shares of the stock were exchanged, compared to its average volume of 2,657,686. The stock's 50 day simple moving average is $40.72 and its 200 day simple moving average is $41.70. The company has a market cap of $2.89 billion, a P/E ratio of -8.23 and a beta of 1.06. Advance Auto Parts has a twelve month low of $28.89 and a twelve month high of $65.19. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.59. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The business had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter in the previous year, the company earned $0.67 EPS. The business's revenue was down 24.2% on a year-over-year basis. On average, 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 company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Friday, July 11th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, July 11th. Advance Auto Parts's payout ratio is -17.04%.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $48.52, for a total transaction of $45,996.96. Following the completion of the sale, the senior vice president now directly owns 9,876 shares of the company's stock, valued at approximately $479,183.52. The trade was a 8.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors have recently bought and sold shares of AAP. Voya Investment Management LLC grew its position in Advance Auto Parts by 21.1% in the 1st quarter. Voya Investment Management LLC now owns 12,213 shares of the company's stock worth $479,000 after purchasing an additional 2,129 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of Advance Auto Parts by 29.6% in the 1st quarter. First Hawaiian Bank now owns 25,528 shares of the company's stock worth $1,001,000 after buying an additional 5,836 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Advance Auto Parts by 14.6% in the first 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 acquiring an additional 23,018 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Advance Auto Parts by 1.9% in the first quarter. Empowered Funds LLC now owns 192,880 shares of the company's stock valued at $7,563,000 after acquiring an additional 3,686 shares in the last quarter. Finally, Caxton Associates LLP purchased a new stake in shares of Advance Auto Parts during the first quarter valued at approximately $1,068,000. 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.