Advance Auto Parts (NYSE:AAP) Trading 7.3% Higher After Analyst Upgrade

Shares of Advance Auto Parts, Inc. (NYSE:AAP) rose 7.3% during trading on Wednesday after Citigroup upgraded the stock from a neutral rating to a buy rating. The stock traded as high as $44.30 and last traded at $44.3110. Approximately 662,859 shares changed hands during trading, a decline of 63% from the average daily volume of 1,794,626 shares. The stock had previously closed at $41.31.

A number of other equities analysts have also weighed in on AAP. JPMorgan Chase & Co. upped their target price on shares of Advance Auto Parts from $44.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a research note on Friday, October 31st. Truist Financial set a $48.00 price objective on Advance Auto Parts in a research report on Wednesday, December 17th. Cfra Research upgraded Advance Auto Parts to a “hold” rating in a report on Thursday, October 30th. Finally, Roth Mkm reissued a “neutral” rating and issued a $55.00 target price (up previously from $50.00) on shares of Advance Auto Parts in a research report on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Advance Auto Parts currently has an average rating of “Hold” and a consensus price target of $50.08.

Insiders Place Their Bets

In other Advance Auto Parts news, EVP Kristen L. Soler sold 7,662 shares of Advance Auto Parts stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $51.00, for a total transaction of $390,762.00. Following the completion of the transaction, the executive vice president directly owned 23,165 shares of the company’s stock, valued at $1,181,415. The trade was a 24.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors have recently modified their holdings of the business. American Century Companies Inc. increased its position in Advance Auto Parts by 559.0% during the third quarter. American Century Companies Inc. now owns 1,519,591 shares of the company’s stock worth $93,303,000 after acquiring an additional 1,288,986 shares during the period. Federated Hermes Inc. grew its position in shares of Advance Auto Parts by 75.7% during the 2nd quarter. Federated Hermes Inc. now owns 2,387,325 shares of the company’s stock worth $110,987,000 after purchasing an additional 1,028,561 shares in the last quarter. Maple Rock Capital Partners Inc. increased its holdings in shares of Advance Auto Parts by 508.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 951,790 shares of the company’s stock worth $58,440,000 after purchasing an additional 795,290 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $33,610,000. Finally, Geode Capital Management LLC raised its position in shares of Advance Auto Parts by 48.4% in the second quarter. Geode Capital Management LLC now owns 1,416,636 shares of the company’s stock valued at $65,867,000 after buying an additional 461,761 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Advance Auto Parts Trading Up 10.2%

The firm has a market capitalization of $2.73 billion, a P/E ratio of -7.23 and a beta of 1.14. The company has a quick ratio of 0.88, a current ratio of 1.73 and a debt-to-equity ratio of 1.55. The firm has a 50 day moving average of $45.54 and a 200-day moving average of $53.32.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.18. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Advance Auto Parts had a positive return on equity of 0.64% and a negative net margin of 4.37%.The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.04) EPS. Advance Auto Parts has set its FY 2025 guidance at 1.750-1.850 EPS. On average, equities research analysts predict that Advance Auto Parts, Inc. will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Friday, January 9th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, January 9th. Advance Auto Parts’s dividend payout ratio is presently -15.90%.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.