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

Advance Auto Parts, Inc. (NYSE:AAP)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $45.88, but opened at $43.50. Advance Auto Parts shares last traded at $40.01, with a volume of 1,142,726 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. UBS Group raised their target price on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Barclays dropped their price objective on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Wells Fargo & Company raised their target price on shares of Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Citigroup upped their target price on shares of Advance Auto Parts from $44.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Finally, Wedbush reiterated an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $47.88.

Advance Auto Parts Stock Down 14.2 %

The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The company’s 50 day simple moving average is $46.22 and its 200-day simple moving average is $43.98. The firm has a market capitalization of $2.35 billion, a PE ratio of 54.02, a PEG ratio of 1.98 and a beta of 1.15.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.39) by $0.21. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. On average, analysts forecast that Advance Auto Parts, Inc. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the completion of the sale, the executive vice president now directly owns 24,266 shares in the company, valued at $1,069,159.96. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in Advance Auto Parts by 34.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock worth $316,160,000 after acquiring an additional 1,706,328 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in Advance Auto Parts by 11.2% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 3,449,554 shares of the company’s stock worth $163,129,000 after acquiring an additional 347,587 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Advance Auto Parts by 12.5% during the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock valued at $154,681,000 after buying an additional 362,239 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Advance Auto Parts by 12.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock worth $129,016,000 after purchasing an additional 297,741 shares in the last quarter. Finally, Eminence Capital LP purchased a new stake in Advance Auto Parts during the 4th quarter valued at about $87,214,000. 88.75% of the stock is owned by institutional investors.

About Advance Auto Parts

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.