Advance Auto Parts (NYSE:AAP) Given New $44.00 Price Target at Royal Bank of Canada

Advance Auto Parts (NYSE:AAP) had its price target reduced by Royal Bank of Canada from $50.00 to $44.00 in a research report released on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

AAP has been the subject of a number of other reports. BMO Capital Markets cut their price objective on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday. Evercore ISI lifted their price target on shares of Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, November 20th. DA Davidson reaffirmed a “neutral” rating and set a $45.00 price objective on shares of Advance Auto Parts in a research note on Friday, November 15th. Truist Financial cut their target price 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. Finally, Wedbush restated an “outperform” rating and set a $55.00 price target on shares of Advance Auto Parts in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $46.69.

Advance Auto Parts Price Performance

Advance Auto Parts stock opened at $36.96 on Thursday. The business has a 50 day simple moving average of $46.11 and a 200 day simple moving average of $43.93. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a market capitalization of $2.21 billion, a PE ratio of 50.62, a price-to-earnings-growth ratio of 1.98 and a beta of 1.15. Advance Auto Parts has a one year low of $35.59 and a one year high of $88.56.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.71%. Advance Auto Parts’s payout ratio is presently 136.99%.

Insider Buying and Selling at Advance Auto Parts

In other news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total transaction of $56,220.56. Following the completion of the sale, the executive vice president now owns 24,266 shares of the company’s stock, valued at $1,069,159.96. This represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

A number of large investors have recently modified their holdings of the business. Eminence Capital LP acquired a new stake in shares of Advance Auto Parts during the 4th quarter worth about $87,214,000. Price T Rowe Associates Inc. MD increased its stake in Advance Auto Parts by 34.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock valued at $316,160,000 after acquiring an additional 1,706,328 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Advance Auto Parts by 140.3% during the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares in the last quarter. Cooper Creek Partners Management LLC bought a new position in shares of Advance Auto Parts in the fourth quarter worth about $75,055,000. Finally, Marshall Wace LLP lifted its stake in Advance Auto Parts by 2,585.1% in the 4th quarter. Marshall Wace LLP now owns 1,353,912 shares of the company’s stock valued at $64,026,000 after purchasing an additional 1,303,488 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.