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Advance Auto Parts, Inc. (NYSE:AAP) Short Interest Up 6.3% in January

Financial News Live · Jan 31, 2023 09:02

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 3,210,000 shares, a growth of 6.3% from the December 31st total of 3,020,000 shares. Based on an average trading volume of 1,030,000 shares, the short-interest ratio is currently 3.1 days. Approximately 5.5% of the company's stock are short sold.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Truist Financial downgraded Advance Auto Parts from a "buy" rating to a "hold" rating and lowered their price target for the company from $228.00 to $147.00 in a report on Wednesday, November 16th. Argus cut their price target on shares of Advance Auto Parts from $220.00 to $185.00 in a research note on Monday, December 5th. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $199.00 to $165.00 and set a "sector perform" rating for the company in a research report on Thursday, November 17th. Stephens dropped their price objective on Advance Auto Parts from $196.00 to $164.00 and set an "equal weight" rating on the stock in a report on Monday, November 21st. Finally, UBS Group downgraded Advance Auto Parts from a "buy" rating to a "neutral" rating and reduced their target price for the company from $230.00 to $182.00 in a report on Wednesday, November 16th. Nine equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $189.88.

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Advance Auto Parts Price Performance

Shares of NYSE:AAP opened at $149.88 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.23 and a current ratio of 1.13. The business's fifty day moving average price is $147.74 and its two-hundred day moving average price is $168.07. The stock has a market cap of $9.01 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 0.98 and a beta of 1.15. Advance Auto Parts has a one year low of $138.52 and a one year high of $237.39.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its quarterly earnings data on Tuesday, November 15th. The company reported $2.84 EPS for the quarter, missing analysts' consensus estimates of $3.32 by ($0.48). Advance Auto Parts had a net margin of 4.30% and a return on equity of 25.97%. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.66 billion. On average, analysts forecast that Advance Auto Parts will post 12.59 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Friday, December 16th were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 4.00%. The ex-dividend date was Thursday, December 15th. Advance Auto Parts's payout ratio is 77.12%.

Institutional Trading of Advance Auto Parts

A number of hedge funds have recently bought and sold shares of the company. Covestor Ltd lifted its stake in shares of Advance Auto Parts by 113.7% during the 1st quarter. Covestor Ltd now owns 156 shares of the company's stock worth $32,000 after purchasing an additional 83 shares during the period. Ellevest Inc. boosted its stake in Advance Auto Parts by 161.0% in the 2nd quarter. Ellevest Inc. now owns 201 shares of the company's stock worth $35,000 after buying an additional 124 shares during the last quarter. First Personal Financial Services increased its stake in shares of Advance Auto Parts by 113.3% during the 3rd quarter. First Personal Financial Services now owns 224 shares of the company's stock valued at $35,000 after acquiring an additional 119 shares during the last quarter. Private Trust Co. NA purchased a new position in shares of Advance Auto Parts during the 2nd quarter worth about $36,000. Finally, Central Bank & Trust Co. raised its holdings in Advance Auto Parts by 61.6% in the second quarter. Central Bank & Trust Co. now owns 223 shares of the company's stock valued at $39,000 after buying an additional 85 shares during the period. Institutional investors and hedge funds own 96.04% of the company's stock.

Advance Auto Parts Company Profile

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Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Northern Division, Southern Division, Carquest Canada, Independents and Worldpac. Advance Auto Parts offers replacement parts, performance parts, accessories, oil and fluids, engine parts, brakes, batteries, accessories, and tools and garage.