Advance Auto Parts (NYSE:AAP) Downgraded by The Goldman Sachs Group to "Sell"

The Goldman Sachs Group cut shares of Advance Auto Parts (NYSE:AAP - Free Report) from a neutral rating to a sell rating in a report issued on Tuesday morning, Marketbeat reports. They currently have $46.00 price objective on the stock, down from their prior price objective of $48.00.

A number of other analysts have also recently issued reports on the stock. Truist Financial reduced 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 note on Thursday, February 27th. Morgan Stanley boosted their price objective on Advance Auto Parts from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. DA Davidson upped their price objective on Advance Auto Parts from $45.00 to $47.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Wedbush reissued an "outperform" rating and set a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Finally, Evercore ISI upped their price target on Advance Auto Parts from $45.00 to $50.00 and gave the stock an "in-line" rating in a research note on Tuesday, June 17th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Advance Auto Parts presently has a consensus rating of "Hold" and a consensus price target of $46.25.

Advance Auto Parts Stock Performance

NYSE AAP traded down $0.09 during trading hours on Tuesday, hitting $46.20. 1,667,682 shares of the company's stock traded hands, compared to its average volume of 2,511,573. Advance Auto Parts has a 52 week low of $28.89 and a 52 week high of $64.92. The firm has a market capitalization of $2.77 billion, a P/E ratio of -7.87 and a beta of 1.06. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. The business's fifty day moving average price is $41.64 and its two-hundred day moving average price is $41.77.

Advance Auto Parts (NYSE:AAP - Get Free Report) last announced its earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, topping analysts' consensus estimates of ($0.81) by $0.59. Advance Auto Parts had a negative return on equity of 1.76% and a negative net margin of 3.74%. The company had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $2.51 billion. During the same period last year, the firm earned $0.67 EPS. Advance Auto Parts's revenue for the quarter was down 24.2% compared to the same quarter last year. Equities research analysts predict that Advance Auto Parts will post -0.46 EPS for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, July 11th. Advance Auto Parts's dividend payout ratio is currently -17.04%.

Insiders Place Their Bets

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the firm's stock in a transaction 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 transaction, the senior vice president now directly owns 9,876 shares in the company, valued at $479,183.52. This trade represents a 8.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.35% of the company's stock.

Institutional Trading of Advance Auto Parts

A number of hedge funds have recently added to or reduced their stakes in AAP. Hexagon Capital Partners LLC boosted its position in Advance Auto Parts by 189.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock valued at $28,000 after acquiring an additional 465 shares in the last quarter. Allworth Financial LP raised its holdings in Advance Auto Parts by 1,543.4% in the fourth quarter. Allworth Financial LP now owns 871 shares of the company's stock worth $40,000 after purchasing an additional 818 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in shares of Advance Auto Parts during the fourth quarter valued at about $42,000. Advisory Services Network LLC bought a new stake in shares of Advance Auto Parts in the 4th quarter valued at about $46,000. Finally, Financial Management Professionals Inc. purchased a new position in shares of Advance Auto Parts in the 1st quarter worth approximately $49,000. 88.75% of the stock is owned by hedge funds and other 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.