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January 9, 2023

Advance Auto Parts (NYSE:AAP) has reduced its price target to $150.00.

Wells Fargo & Enterprise equity analysts lowered their value aim for Advance Auto Areas (NYSE: AAP), dropping it from $180.00 to $150.00 in a analysis notice released on Thursday. Modern current market activity has resulted in an “equal weight” rating assigned to the company’s inventory. In accordance to the rate goal that was presented by Wells Fargo & Business, there is a risk that the current amount of the share selling price of the company will outcome in a lower of 1.24{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in comparison to that amount.
A couple of other equity market gurus have been retaining a close eye on AAP. In a investigation report printed on Monday, December 5th, Argus declared that they would reduce their cost focus on for Progress Car Parts from $220.00 to $185.00. The previous rate concentrate on was set at $220.00. In a report released on November 16, Truist Financial proposed that buyers “hold” their positions in Progress Vehicle Components and decreased their selling price objective for the company from $228.00 to $147.00. The corporation was downgraded from a “buy” rating to a “hold” rating. It was declared on the 21st of December that StockNews.com had transformed its suggestion for Progress Vehicle Areas from a “buy” ranking to a “hold” ranking in a exploration report posted that working day. Wedbush reduced their price objective for Advance Car Components from $200 to $165 and gave the company an “outperform” score in a analysis report published on November 16th.
Previous but not minimum, in a analysis be aware printed on November 17th, Morgan Stanley downgraded its rating on Advance Auto Elements shares from “equal weight” to “underweight” and diminished its selling price target for the inventory from $205.00 to $165.00. Morgan Stanley thinks that the corporation has an equal probability of accomplishment or failure, which is why the price tag focus on was decreased. On the other hand, 9 analysts have advisable that investors sustain their present-day place with the inventory, though 4 have presented it a invest in ranking, and one has offered it a sturdy obtain score. In addition, facts received from Bloomberg.com implies that the recent ranking for Advance Vehicle Sections is “Hold” and that the normal rate objective for the corporation is predicted to be $191.25.
On Thursday, the opening value of a single share on the New York Stock Exchange (NYSE) was $151.89.
Currently, the credit card debt-to-fairness ratio stands at .44, the fast ratio stands at .23, and the recent ratio sits at 1.13. Progress Automobile Parts has a price-to-earnings ratio of 19.52, a rate-to-earnings-to-expansion ratio of .89, and a beta value of 1.15. These a few metrics measure how pricey the company is relative to its earnings. The company’s rate has a moving average around the previous 50 times of $157.61, and its rate has a transferring normal above the past 200 times of $171.84. The company’s stock has traded as minimal as $138.52 in excess of the yr, achieving an all-time higher of $244.55.
The most new quarterly earnings report for Advance Auto Elements, which is traded on the New York Inventory Trade under the ticker symbol “AAP,” was produced general public on November 15th, a Tuesday. The company’s quarterly earnings arrived in at $2.84 for every share, which was $.48 considerably less than the typical projection by market industry experts, who expected the firm would make $3.32 for every share. In addition, the organization declared revenue for the quarter of $2.64 billion, which was reduced than the marketplace analysts’ consensus estimate of $2.66 billion. The return on fairness for Progress Auto Parts came in at 25.97{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}, whilst the web margin for the organization was 4.30{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. It is expected that Progress Car Components will deliver revenue of $12.6 for every share all through the recent fiscal yr. Specialists inside the field designed these projections.
The proportion of shares that hedge money and other sorts of institutional investors maintain in their portfolios has been a matter of dialogue among the several of these buyers in new months. Vanguard Team Inc. improved its Advance Auto Pieces stock in its portfolio by 4. proportion factors throughout the 3rd quarter. Vanguard Team Inc. now right owns a complete of 7,291,395 shares in the firm, which have a price of $1,139,936,000, subsequent the order of an further 277,906 shares in the enterprise in the course of the most modern quarter. These shares were acquired in the course of the most latest quarter. As a result of the very first 3 months of 2018, Clearbridge Investments LLC increased its holdings in Advance Car Components by 3.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. Clearbridge Investments LLC now retains 3,313,689 shares of the company’s stock following the acquisition of an more 114,789 shares during the most the latest quarter. The benefit of Clearbridge Investments LLC’s inventory holdings is $685,801,000. JPMorgan Chase & Co. greater the proportion of Progress Automobile Components stock owned by 22.4{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} all through the second quarter. JPMorgan Chase & Co. now retains 2,636,189 shares, with a marketplace value of $456,297,000. This is a outcome of the acquisition of 482,858 supplemental shares for the duration of the most the latest reporting period of time. All through the initially quarter, Invesco Ltd. increased the Advance Auto Areas inventory by 10.8{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} compared to the preceding quarter. Invesco Ltd. now has a full ownership stake in the enterprise equivalent to 1,018,797 shares, which are at present valued at $210,850,000 right after obtaining an additional 99,400 shares through the most modern quarter. This delivers the company’s total possession stake to 1,018,797 shares. Finally, but surely not minimum, through the 3rd quarter, Dimensional Fund Advisors LP greater the amount of money of Advance Auto Elements inventory owned by a complete of 2.5 percent. At this time, Dimensional Fund Advisors LP is the proprietor of 858,038 shares in the enterprise. The recent sector value of these shares is $134,168,000. This is a direct result of the company’s steps during the most the latest quarter, through which it acquired an added 20,904 shares. Most of the company’s stock, or 96.04{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}, is owned by many institutional traders.
By likely to Advance Vehicle Pieces, Inc, you can get domestic and imported vehicles, vans, SUVs, mild and heavy-obligation vehicles, extras, batteries, and upkeep supplies. In addition, they give the sale of vans and SUVs, as very well as mild and large-obligation trucks. The organization offers prospects with a varied variety of components and increase-ons for batteries, like belts and hoses, brakes and pads, clutches and push shafts, clutches and motor elements, exhaust methods and sections, hub assemblies, ignition parts and wires, radiators and cooling sections, starters and alternators, steering and alignment elements, and engines and motor parts.

January 6, 2023

APCO Holdings, LLC, Acquires National Auto Care, Creating Nationwide F&I Force

Business-primary F&I vendors merge

NORCROSS, Ga. — APCO Holdings (“APCO”), a primary provider and administrator of automotive Finance & Insurance plan (“F&I”) products and household to the EasyCare and GWC Warranty models, has acquired Countrywide Car Care (“NAC”).

NAC is a hugely respected provider of F&I goods, administration, consulting companies, instruction, and advertising and marketing support. With much more than 35 many years of demonstrated success, NAC provides goods and services to 1000’s of auto, RV, and powersports sellers, credit rating unions and monetary institutions.

“We are psyched by all the gains that this acquisition delivers to APCO. It completes our nationwide footprint, expands our array of solutions for automobile and RV sellers, adds new segments like Powersports, and strengthens our education and business growth abilities to keep us at the forefront of aiding dealers, agents and associates sustain F&I profitability as the market place returns to a much more common, aggressive point out,” reported Finbarr O’Neill, Govt Chairman of APCO.

Pursuing the shut of the transaction, Tony Wanderon, who was CEO of NAC, has grow to be CEO of APCO successful instantly. Scot Eisenfelder who was CEO of APCO earlier has stepped down in conjunction with this transaction.

“We thank Scot for his devoted leadership and the development produced in this extremely demanding sector. Scot additional huge benefit to this firm all through his tenure.”, mentioned Mr. O’Neill. “We glance forward to Tony’s management, leveraging his deep encounter in the F&I arena, his shown background of making potent firms to properly assist automobile retail F&I functions, even though producing a robust purchaser-oriented lifestyle.”

“Our groups share quite a few equivalent philosophies in how our companies operate,” stated Tony Wanderon, CEO of APCO. “We are all committed to good quality and excellence in all the things we do, most importantly using treatment of prospects, assisting them optimize their dealer F&I operations though generating a office wherever our staff members truly feel valued. I am assured that our foreseeable future is brilliant.”

The transaction was financed substantially by an fairness injection by bulk shareholder Ontario Teachers’ Pension Strategy Board (“Ontario Teachers’”) and third-celebration personal debt funding. Phrases of the transaction are not becoming disclosed.

“We have been APCO’s greater part shareholder because 2016 and are thrilled to continue supporting the corporation in its up coming phase of growth”, says Jeff Markusson, Senior Managing Director, Fiscal Expert services at Ontario Teachers’. “We consider the mixture of the two complementary companies results in a legitimate chief in the F&I room with increased and diversified distribution channels, outstanding brand name and a broad products portfolio with various natural and M&A expansion levers backed by a prime leadership staff.”

APCO’s and NAC’s shared skills and complementary offerings will be leveraged to assist sellers fulfill altering industry desires, these types of as the continued emergence of digital retailing and EV product sales. The expansive, merged F&I merchandise suite will allow for sellers to seize much more revenue through greater product sales chances, like extra EV choices, significant-mileage goods, access to the MotorTrend Accredited application and skills in the two RV and powersports industries.

RBC Cash Marketplaces acted as lead fiscal advisor to APCO, with TD Securities, Scotiabank, BMO Money Markets, and CIBC Planet Marketplaces serving as co-advisors. Personal debt funding for the transaction was led by Royal Bank of Canada, who acted as lead left arranger & bookrunner, with TD, Scotiabank, Lender of Montreal, and Canadian Imperial Financial institution of Commerce serving as joint lead arrangers & bookrunners. Weil, Gotshal & Manges acted as authorized adviser to APCO.

About APCO Holdings, LLC

Because 1984, APCO has developed to turn into a main service provider and administrator of F&I goods for the vehicle field. Constructed on a foundation of money protection and a commitment to knowing our customers’ demands, APCO is a dependable partner to some of the most well-respected insurers, extremely successful dealerships, and major vehicle field gamers in the country. The organization markets its solutions making use of the EasyCare, GWC Warranty, and MemberCare makes, as perfectly as other personal label solutions, as a result of a network of impartial agents and an interior salesforce that specialize in consulting with and servicing the automotive dealership marketplaces. EasyCare, GWC Guarantee, and MemberCare F&I products are the only “MotorTrend® Encouraged Ideal Invest in” in the business. They also have top scores from the Greater Organization Bureau, have secured above 11 million consumers, and have paid out about $3.5 billion in statements.

About Countrywide Auto Care

NAC is 1 of the longest functioning companies of items such as car or truck provider contracts, assured asset safety, minimal warranty, tire and wheel and a full suite of ancillary defense merchandise nationwide. NAC gives F&I products, administration, consulting services, training and marketing and advertising guidance to impartial brokers, insurance plan companies, car dealers, RV dealers, powersports dealers, monetary institutions, third-celebration directors, and credit rating unions.

About Ontario Teachers’ Pension System

Ontario Teachers’ is a international trader with web belongings of $242.5 billion as at June 30, 2022. We spend in additional than 50 nations in a wide array of assets such as public and non-public equities, fastened profits, credit rating, commodities, normal means, infrastructure, true estate and undertaking development to supply retirement cash flow for 333,000 doing work members and pensioners.

With workplaces in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our far more than 400 investment decision pros deliver deep skills in industries ranging from agriculture to synthetic intelligence. We are a completely funded defined reward pension system and have attained an yearly complete-fund web return of 9.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} due to the fact the plan’s founding in 1990. At Ontario Teachers’, we do not just spend to make a return, we commit to form a superior long term for the academics we serve, the corporations we back again, and the globe we dwell in. For much more data, visit otpp.com and stick to us on Twitter @OtppInfo.

January 6, 2023

New cars are for richer people: How the auto industry capitalized on pandemic

The U.S. automobile sector is modifying its organization design to generate less automobiles at greater rates, effectively embracing the source chain issues that triggered inflation across the world-wide overall economy at the starting of the coronavirus pandemic.

The result is that people are remaining priced out of the industry for new cars and trucks as automakers request greater financial gain margins from constrained provides. The average price tag of a new motor vehicle strike a document in November of $48,681.

“Because there is been this change, the folks who can buy [new] cars now are considerably extra affluent than ahead of,” Michelle Krebs, an analyst with Cox Automotive, stated in an interview. “Less affluent people today have fallen out of the industry. They’ve fallen into the made use of car market place or they’ve fallen out of the marketplace entirely.”

From 2017 up to the pandemic, the U.S. vehicle industry was producing about 11 million autos for each yr, according to data from the St. Louis Federal Reserve. Because the pandemic, automakers have averaged less than 10 million automobiles a year, for a creation minimize of more than a million cars and trucks and vehicles — or as significantly as 20 per cent in some many years — as measured by an regular of the Fed’s seasonally adjusted annual fee of manufacturing.

Generation was on class to typical 10.6 million cars in the third quarter of 2022 but has due to the fact been revised back down to finish at 10.2 million autos on the 12 months as a entire.

Automakers say this is thanks to a scarcity of the chips applied in the computers that assist modern-day automobiles run. But these shortages have been improving since at least the middle of past yr, in accordance to Wall Street analysts, though generation has continued to lag.

In the meantime, new automobile price ranges have skyrocketed, hitting history highs in summer months final calendar year and yet again in the fall. New automobile prices have absent up 20 percent considering the fact that the starting of the pandemic, significantly outpacing core inflation, which has risen only 12 p.c around the identical period, according to the Labor Section.

These prices have translated into high gains for car makers more than the class of the pandemic. GM claimed a ten years-higher revenue of a lot more than $10 billion in 2021 and projected a comparable amount for 2022, as Ford posted its best running earnings in that year since 2016.

“The U.S. current market, like other regions, has been characterized by robust pricing electric power across unique tools manufacturers,” Jose Asumendi, head of European automotive analysis at J.P. Morgan, wrote in a be aware to investors final summer. “This has been underpinned by very low inventory concentrations.”

These very low stock concentrations had been also a boon to dealers over the course of past calendar year. Above the summer months, a study by Cox Automotive located that as only 25 percent of dealers have been reporting developing stock, extra than 80 p.c were being reporting increasing income.

Automakers have been stating that the change to decreased generation and better margins is listed here to keep.

“Overall, we’re likely to continue to be disciplined. I do believe there’s an opportunity to drive potent margins,” GM CEO Mary Barra reported on her company’s 3rd-quarter earnings connect with previous tumble, referring to production concentrations.

“As we’re doing work by this reduce inventory and these chances that we’re seeing today, we’re operating on how we make them a standard portion of our company as we go forward,” Ford financial manager John Lawler claimed in 2021.

He echoed Ford CEO Jim Farley, who mentioned, “I want to make it incredibly distinct to everybody, we are likely to operate our small business with a decreased working day offer than we have experienced in the modern previous mainly because which is superior for our corporation.”

Even though economists say it’s not likely that automakers colluded to make these new very low-volume, superior-margin current market situations, they are noticing how favorable they are to the automobile field while hurting middle-market shoppers.

“It would have been a tall buy for them to coordinate the variety of manufacturing cuts that we have found. The pandemic forcefully pushed them into a distinctive equilibrium, which at the moment they feel to be experiencing, and there are not any clear mechanisms for them to bounce out of it,” Daniil Manaenkov, an economist with the College of Michigan, said in an interview.

“Without the pandemic and without a substantial disruption to provide and desire, I really do not consider we would have noticed this. It’s possible that all the producers would have collectively loved to be in this lower-volume, superior-margin design, but it was not a probable equilibrium end result unless of course they colluded among the them selves,” Manaenkov reported.

The dynamics of unilaterally reducing manufacturing to jack up rates is familiar from how OPEC operates in the crude oil current market, but which is not supposed to happen in a totally free market place with authentic competition.

Nevertheless, none of the significant automakers seems to be likely in for a significant-quantity, low-cost strategy aimed to seize market share and cut down price ranges for consumers.

“It’s similar to OPEC in some techniques and unique in other strategies,” Manaenkov added. “It’s related in the way that they jointly slash — that output is minimal throughout the board. It is different in the way that OPEC does it willingly, and suppliers had been type of compelled into that equilibrium by outside the house things.”

The circumstance of greater margins driving selling price improves in the vehicle industry raises broader inquiries about irrespective of whether inflation throughout the pandemic was caused more by disrupted supply and higher desire, as the common wisdom goes, or by the private sector seizing the prospect to simply just enhance their bottom line.

A 2021 report by the United Nations Convention on Trade and Improvement located that “demand pressures managing ahead of offer responses in the course of the initial 50 {49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} of 2021 [created] bottlenecks, which include in some critical marketplaces, this sort of as vehicles.”

But it also mentioned that “between 2020 and 2022, an approximated 54 p.c of the average price boost in the United States non-economical sector was attributable to larger earnings margins, in comparison to only 11 for every cent in the former 40 years.”

“Markups have been a key aspect. In this context, competitiveness plan and rate controls have a crucial part to perform,” the report went on.

January 6, 2023

CES 2023: Auto industry evolves from one exhibitor to 300

Is CES getting the new vehicle demonstrate?

Fifteen decades in the past, the yearly tech exhibit welcomed a single automaker, who was basically attending as a spouse with a big tech business. This calendar year, the Las Vegas Convention Center’s West Hall is crammed with extra than 300 automotive-linked exhibitors, making it the largest turnout nevertheless for the four-working day present that finishes Sunday.

“The motor vehicle and car presence (in the earlier) was actually showcasing aftermarket car components and speakers and items of that nature,” stated John Kelley, performing show director and vice president of the Purchaser Technological know-how Association. “Whereas now, we have the entire automobile ecosystem listed here.”

And CES has turn into the go-to clearly show for key brands to unveil the most current tech and gadgets in the vehicle field.

BMW AG Chairman Oliver Zipse touted how the luxury brand is building a digital ecosystem for its cars and trucks, in the course of a Wednesday evening keynote. The automaker released its hottest prototype, a four-door sedan that can adjust into a plethora of colors and designs and capabilities a windshield that can act as a display.

Stellantis, produced in 2021 by means of the merger of Fiat Chrysler and PSA Peugeot, used its keynote on Thursday evening to unveil the notion version of the Ram 1500 Revolution, an electric pickup truck developed on a new frame that incorporates the battery pack. Meanwhile, Sony and Honda presented the to start with general public look of its prototype EV, Afeela, the result of a partnership that was declared in Oct, and Volkswagen gave a glimpse into its initial totally electric sedan, the ID.7.

Automakers and its suppliers are revving up for a long term filled with substantial-tech cars and trucks. Clearly show producer CTA has claimed this year’s exhibitors in the automobile market will largely demonstrate off merchandise and expert services all-around EVs, autonomous autos and the in-car expertise these as new screens, voice handle features and solutions.

The elevated existence of the vehicle marketplace at CES signifies the speed of innovation in auto-relevant technological know-how, stated Marcus Collins, affiliate professor at College of Michigan’s Ross University of Company. Showcasing all those characteristics or solutions at a very-obvious trade demonstrate like CES indicators to the community that automobiles can be seen as customer know-how.

“They have to be,” Collins explained. “Cars have generally been at the intersection of new know-how, but the technological know-how has accelerated at this sort of a diploma that the guide time that it is to make new vehicles — you gotta be long run-facing. Which means you’re no more time in the vehicle company, you are in the tech enterprise and men and women have expectations that the new tech that they’re shopping for is likely to be adaptable to the automobiles they have.”

It’s considerably distinct than fifteen decades ago. In 2008, there was one particular car company at CES, who was there as a partnership with Microsoft, Kelley explained. And other trade demonstrates had been normally the web site for automotive brand names to make announcements — like when Common Motors unveiled its principle for the plug-in electric powered Volt at the 2008 North American Global Car Exhibit in Detroit.

These days, CES places vehicle suppliers and automobile makers at the forefront, with lots of utilizing it to unveil new releases and ideas. And it may possibly continue for the reason that of a alter to the Detroit Vehicle Show’s routine. The annual occasion moved from late January — in level of competition with CES — to the summer time in a bid to entice extra attendees and attribute outdoor event place.

The new schedule is one particular Volkswagen appreciates. The German vehicle manufacturer wished to show off the new tech in its EVs and a different new characteristic, a “digital camouflage” function that changes paint shades, said Mark Gillies, director of community relations and status for Volkswagen Team of The usa.

“We felt that CES fitted properly for the launch timing of the motor vehicle,” Gillies said in an e-mail. “And now that the Detroit Demonstrate has moved to the summer time, it does not have a rival at this time of the 12 months for introducing new automotive tech.”

McKenna Ross is a corps member with Report for The us, a countrywide services program that locations journalists into local newsrooms. Contact her at mross@reviewjournal.com. Adhere to @mckenna_ross_ on Twitter.

January 4, 2023

Labor shortage impacting auto shops

INDIANAPOLIS — Right now, we are observing a labor scarcity in a whole lot of fields including auto companies.

Many dealerships and vehicle outlets are pleading for far more men and women to get into the business.

No matter whether it’s a basic oil improve or something’s not correct underneath your hood receiving people points set proper now could get about a week or extra to get scheduled mainly because outlets like Fortville Tire simply cannot discover sufficient personnel.

“There’s not ample men and women undertaking it so there is a whole lot of labor shortage,” Brad Reynolds mentioned.

Reynolds owns Fortville Tire.

“I am at least a week and a 50 percent out on scheduling,” Reynolds reported, “If I do not have enough men and women to work on cars and trucks, I can not get them in and out speedy sufficient.”

Reynolds instructed WRTV over the decades he’s found a large decrease in young people receiving into the field.

“Schools and almost everything else have for so many many years now have prepped kids for ‘oh you have to have a school diploma, you have to have a college degree,’ but in particular in maintenance or even plumbing electrical company you will find just not a ton of individuals heading into people fields,” Reynolds mentioned.

At Walker Career Heart they’re operating to fill that need.

“Our vehicle support lessons they’re often really well-known,” Alyssa Criswell mentioned.

“I necessarily mean this is just one of the finest courses I have like I love coming to this course,” Anthony Baker explained.

Baker is a senior at Warren Central and by way of the vehicle services class has currently secured a position at the school’s transportation heart.

“I primarily do brake modifications and tire adjustments or oil adjustments on buses cooling if they want it and we do inspections all all-around just about every bus,” Baker stated.

Baker said it is a vocation he hopes to proceed put up large college.

“I’ve always been interested in cars considering the fact that I was very little, so I generally planned on doing work on cars,” Baker reported.

Even at the occupation heart, they cannot keep up with the need for mechanics.

“I have employers that call me each week looking for college students. They want to hire them even when they’re however in large university. Many of them get the chance to go and shell out component of their college working day at a work so they can understand extra expertise get some instruction and then when they graduate they’re prepared to perform total time,” Criswell mentioned.

As for Reynolds, he says he’ll train you as extended as you’re willing to work.

“If you like working with your palms and you like figuring out complications mechanics or like say electrical stuff is a good field to get into,” Reynolds stated.

The common wage for a commencing mechanic is $46,880, that’s in accordance to labor stats.

Reynolds said as more and much more people swap to electric and hybrid cars the business is observing a will need for folks to know how to function on them.

January 3, 2023

Advance Auto Parts, Inc. (NYSE:AAP) Receives Average Recommendation of “Hold” from Brokerages

Shares of Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) have been assigned an average rating of “Hold” from the seventeen analysts that are presently covering the company, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $188.73.

Several brokerages recently weighed in on AAP. Wedbush reduced their price target on Advance Auto Parts from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 16th. 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 research report on Monday, November 21st. UBS Group downgraded Advance Auto Parts from a “buy” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $182.00 in a report on Wednesday, November 16th. Argus lowered their target price on Advance Auto Parts from $220.00 to $185.00 in a report on Monday, December 5th. Finally, Raymond James decreased their price objective on Advance Auto Parts from $210.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Thursday, November 17th.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. B. Riley Wealth Advisors Inc. boosted its position in shares of Advance Auto Parts by 18.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the third quarter. B. Riley Wealth Advisors Inc. now owns 1,556 shares of the company’s stock worth $244,000 after buying an additional 244 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Advance Auto Parts during the third quarter worth about $916,000. Seaport Global Advisors LLC increased its position in shares of Advance Auto Parts by 53.2{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the third quarter. Seaport Global Advisors LLC now owns 461 shares of the company’s stock worth $72,000 after purchasing an additional 160 shares in the last quarter. VisionPoint Advisory Group LLC grew its holdings in shares of Advance Auto Parts by 10.4{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the third quarter. VisionPoint Advisory Group LLC now owns 3,740 shares of the company’s stock worth $585,000 after buying an additional 352 shares during the last quarter. Finally, Advisors Capital Management LLC grew its holdings in shares of Advance Auto Parts by 14.3{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the third quarter. Advisors Capital Management LLC now owns 56,931 shares of the company’s stock worth $10,463,000 after buying an additional 7,139 shares during the last quarter. Institutional investors and hedge funds own 96.04{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} of the company’s stock.

Advance Auto Parts Stock Up 0.5 {49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}

Shares of AAP opened at $147.03 on Monday. The firm has a market cap of $8.84 billion, a P/E ratio of 18.90, a P/E/G ratio of 0.93 and a beta of 1.17. The stock has a 50 day simple moving average of $159.40 and a two-hundred day simple moving average of $172.22. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 0.23. Advance Auto Parts has a 1 year low of $138.52 and a 1 year high of $244.55.

Advance Auto Parts (NYSE:AAP – Get Rating) last announced its quarterly earnings data on Tuesday, November 15th. The company reported $2.84 earnings per share for the quarter, missing the consensus estimate of $3.32 by ($0.48). Advance Auto Parts had a net margin of 4.30{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} and a return on equity of 25.97{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.66 billion. On average, analysts forecast that Advance Auto Parts will post 12.6 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a dividend of $1.50 per share. The ex-dividend date is Thursday, December 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.08{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. Advance Auto Parts’s payout ratio is currently 77.12{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}.

About Advance Auto Parts

(Get Rating)

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.

Tag: Auto

Advance Auto Parts (NYSE:AAP) has reduced its price target to $150.00.

APCO Holdings, LLC, Acquires National Auto Care, Creating Nationwide F&I Force

New cars are for richer people: How the auto industry capitalized on pandemic

CES 2023: Auto industry evolves from one exhibitor to 300

Labor shortage impacting auto shops

Advance Auto Parts, Inc. (NYSE:AAP) Receives Average Recommendation of “Hold” from Brokerages

Institutional Investors Weigh In On Advance Auto Parts

Advance Auto Parts Stock Up 0.5 {49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}

Advance Auto Parts Dividend Announcement

About Advance Auto Parts

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