Advance Auto Parts (NYSE:AAP) Price Target Lowered to $78.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its price target dropped by Evercore ISI from $82.00 to $78.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential upside of 9.95% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Advance Auto Parts from $55.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Mizuho started coverage on Advance Auto Parts in a report on Tuesday, March 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Truist Financial boosted their target price on Advance Auto Parts from $60.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, April 2nd. Barclays boosted their price objective on Advance Auto Parts from $56.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. Finally, Royal Bank of Canada raised their target price on shares of Advance Auto Parts from $47.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $70.18.

Advance Auto Parts Stock Up 1.2 %

Shares of AAP traded up $0.86 during midday trading on Tuesday, reaching $70.94. The stock had a trading volume of 316,628 shares, compared to its average volume of 1,830,398. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 95.86, a PEG ratio of 1.28 and a beta of 1.17. The company’s fifty day simple moving average is $73.73 and its two-hundred day simple moving average is $63.11. Advance Auto Parts has a 1-year low of $47.73 and a 1-year high of $129.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.20 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.83). Advance Auto Parts had a net margin of 0.39% and a return on equity of 1.68%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business earned $2.88 earnings per share. The firm’s quarterly revenue was down .4% on a year-over-year basis. Equities research analysts expect that Advance Auto Parts will post 3.94 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Carla Jean Bailo purchased 310 shares of Advance Auto Parts stock in a transaction dated Monday, March 18th. The stock was bought at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the transaction, the director now owns 5,789 shares in the company, valued at $470,008.91. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Advance Auto Parts news, Director Brent Windom acquired 4,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were acquired at an average cost of $85.34 per share, for a total transaction of $401,098.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $853,400. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carla Jean Bailo bought 310 shares of the company’s stock in a transaction on Monday, March 18th. The shares were acquired at an average price of $81.19 per share, with a total value of $25,168.90. Following the completion of the acquisition, the director now directly owns 5,789 shares in the company, valued at approximately $470,008.91. The disclosure for this purchase can be found here. 0.63% of the stock is currently owned by company insiders.

Institutional Trading of Advance Auto Parts

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. raised its holdings in Advance Auto Parts by 2,226.6% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 2,026,668 shares of the company’s stock valued at $113,352,000 after acquiring an additional 1,939,560 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Advance Auto Parts by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,958,241 shares of the company’s stock valued at $241,573,000 after acquiring an additional 1,370,550 shares during the last quarter. Pzena Investment Management LLC purchased a new position in shares of Advance Auto Parts during the 3rd quarter worth about $73,882,000. Federated Hermes Inc. increased its position in Advance Auto Parts by 2,716,800.0% during the fourth quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock worth $51,402,000 after purchasing an additional 842,208 shares during the last quarter. Finally, State Street Corp raised its stake in Advance Auto Parts by 28.2% during the first quarter. State Street Corp now owns 3,431,787 shares of the company’s stock worth $417,340,000 after purchasing an additional 754,027 shares during the period. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

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.