Advance Auto Parts (NYSE:AAP) Raised to “Hold” at Roth Capital

Roth Capital upgraded shares of Advance Auto Parts (NYSE:AAP) to a hold rating in a report published on Tuesday, Zacks.com reports. Roth Capital also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.42 EPS, Q4 2024 earnings at $0.36 EPS, Q1 2025 earnings at $0.80 EPS, Q3 2025 earnings at $0.75 EPS, Q4 2025 earnings at $0.67 EPS and FY2026 earnings at $3.50 EPS.

AAP has been the subject of several other reports. TD Cowen decreased their target price on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. Mizuho reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Wells Fargo & Company decreased their target price on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Truist Financial decreased their target price on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. cut their price target on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $55.36.

Advance Auto Parts Stock Up 1.9 %

Shares of AAP opened at $39.36 on Tuesday. The company has a market cap of $2.35 billion, a PE ratio of 57.04, a P/E/G ratio of 1.25 and a beta of 1.16. The business has a fifty day moving average of $45.26 and a 200 day moving average of $60.17. Advance Auto Parts has a 52-week low of $36.40 and a 52-week high of $88.56. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business posted $1.43 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, sell-side analysts expect that Advance Auto Parts will post 2.19 EPS for the current year.

Advance Auto Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.00 annualized dividend and a yield of 2.54%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 144.93%.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BW Gestao de Investimentos Ltda. purchased a new position in Advance Auto Parts in the second quarter valued at about $7,916,000. Renaissance Technologies LLC boosted its holdings in Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after acquiring an additional 39,300 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Advance Auto Parts by 31.0% in the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after acquiring an additional 55,226 shares in the last quarter. Private Advisor Group LLC acquired a new stake in Advance Auto Parts in the first quarter worth about $1,172,000. Finally, State Board of Administration of Florida Retirement System boosted its holdings in Advance Auto Parts by 24.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock worth $6,555,000 after acquiring an additional 15,093 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

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.