Advance Auto Parts (NYSE:AAP) Shares Down 7% – Here’s What Happened

Advance Auto Parts, Inc. (NYSE:AAP) shares dropped 7% on Friday . The stock traded as low as $41.23 and last traded at $41.31. Approximately 495,936 shares were traded during trading, a decline of 76% from the average daily volume of 2,065,706 shares. The stock had previously closed at $44.44.

Analyst Upgrades and Downgrades

Several brokerages have commented on AAP. Roth Mkm reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, November 15th. TD Cowen lowered their target price on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Finally, DA Davidson reiterated a “neutral” rating and issued a $45.00 target price on shares of Advance Auto Parts in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Advance Auto Parts has a consensus rating of “Hold” and a consensus price target of $48.64.

Advance Auto Parts Stock Down 7.2 %

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 stock has a 50-day simple moving average of $39.20 and a two-hundred day simple moving average of $52.30. The firm has a market cap of $2.46 billion, a PE ratio of 56.59 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.82) EPS. Analysts expect that Advance Auto Parts, Inc. will post -0.51 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.42%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is presently 136.99%.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors have recently bought and sold shares of AAP. Mather Group LLC. grew its position in Advance Auto Parts by 1,241.7% during the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after purchasing an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Advance Auto Parts in the 2nd quarter worth $41,000. Blue Trust Inc. increased its holdings in Advance Auto Parts by 56.7% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after acquiring an additional 436 shares in the last quarter. AM Squared Ltd bought a new stake in Advance Auto Parts during the 2nd quarter worth approximately $63,000. Finally, KBC Group NV lifted its holdings in Advance Auto Parts by 29.1% during the third quarter. KBC Group NV now owns 1,749 shares of the company’s stock valued at $68,000 after purchasing an additional 394 shares in the last quarter. 88.75% of the stock is currently 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.