Advance Auto Parts (NYSE:AAP) Reaches New 12-Month Low After Analyst Downgrade

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) shares reached a new 52-week low during mid-day trading on Wednesday after Truist Financial downgraded the stock from a buy rating to a hold rating. Truist Financial now has a $147.00 price target on the stock, down from their previous price target of $228.00. Advance Auto Parts traded as low as $154.00 and last traded at $155.84, with a volume of 31950 shares traded. The stock had previously closed at $183.94.

A number of other equities analysts have also issued reports on the stock. StockNews.com raised shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research report on Monday. UBS Group lowered shares of Advance Auto Parts from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $230.00 to $182.00 in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating and set a $219.00 price objective on shares of Advance Auto Parts in a research note on Thursday, August 25th. Wells Fargo & Company dropped their price objective on shares of Advance Auto Parts from $200.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Raymond James dropped their price objective on shares of Advance Auto Parts from $220.00 to $210.00 and set a “strong-buy” rating on the stock in a research note on Thursday, October 20th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Advance Auto Parts has an average rating of “Moderate Buy” and a consensus target price of $219.31.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Advance Auto Parts by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 7,291,395 shares of the company’s stock worth $1,139,936,000 after purchasing an additional 277,906 shares during the last quarter. Clearbridge Investments LLC boosted its stake in Advance Auto Parts by 3.6% during the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock worth $685,801,000 after purchasing an additional 114,789 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Advance Auto Parts by 22.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,636,189 shares of the company’s stock worth $456,297,000 after purchasing an additional 482,858 shares during the last quarter. American Century Companies Inc. boosted its stake in Advance Auto Parts by 16.1% during the 1st quarter. American Century Companies Inc. now owns 1,676,374 shares of the company’s stock worth $346,943,000 after purchasing an additional 232,904 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its stake in Advance Auto Parts by 1.2% during the 1st quarter. Champlain Investment Partners LLC now owns 1,642,607 shares of the company’s stock worth $339,954,000 after purchasing an additional 19,604 shares during the last quarter. Institutional investors and hedge funds own 99.47% of the company’s stock.

Advance Auto Parts Stock Performance

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The company has a current ratio of 1.16, a quick ratio of 0.25 and a debt-to-equity ratio of 0.42. The firm has a fifty day moving average price of $173.05 and a 200 day moving average price of $182.80. The firm has a market cap of $9.39 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.27.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its quarterly earnings results on Tuesday, August 23rd. The company reported $3.74 EPS for the quarter, hitting the consensus estimate of $3.74. Advance Auto Parts had a return on equity of 25.99% and a net margin of 4.84%. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the previous year, the firm earned $3.40 EPS. As a group, equities research analysts expect that Advance Auto Parts, Inc. will post 12.98 earnings per share for the current fiscal year.

Advance Auto Parts Company Profile

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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.