Advance Auto Parts (NYSE:AAP) Price Target Lowered to $59.00 at JPMorgan Chase & Co.

Advance Auto Parts (NYSE:AAP) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $64.00 to $59.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 22.99% from the company’s current price.

Several other research firms have also issued reports on AAP. BMO Capital Markets upped their target price on shares of Advance Auto Parts from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 17th. Citigroup upped their price objective on shares of Advance Auto Parts from $55.00 to $57.00 and gave the company a “neutral” rating in a report on Tuesday. Truist Financial lowered their price objective on Advance Auto Parts from $57.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday. Wells Fargo & Company raised their price objective on Advance Auto Parts from $40.00 to $50.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 11th. Finally, Northcoast Research raised Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $52.72.

Advance Auto Parts Stock Down 3.5%

AAP stock traded down $1.74 during midday trading on Friday, reaching $47.97. 528,923 shares of the company’s stock traded hands, compared to its average volume of 1,720,700. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 65.70, a P/E/G ratio of 0.86 and a beta of 1.06. The firm’s fifty day moving average price is $53.80 and its 200-day moving average price is $50.44. The company has a quick ratio of 0.87, a current ratio of 1.75 and a debt-to-equity ratio of 1.55. Advance Auto Parts has a 52 week low of $31.28 and a 52 week high of $70.00.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Friday, February 13th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.45. The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.95 billion. Advance Auto Parts had a net margin of 0.51% and a return on equity of 6.23%. Advance Auto Parts’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($10.16) EPS. As a group, sell-side analysts forecast that Advance Auto Parts will post 2.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently modified their holdings of AAP. Royal Bank of Canada increased its holdings in Advance Auto Parts by 107.2% in the 1st quarter. Royal Bank of Canada now owns 79,558 shares of the company’s stock worth $3,119,000 after buying an additional 41,157 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Advance Auto Parts by 327.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company’s stock worth $14,230,000 after buying an additional 278,066 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Advance Auto Parts by 14.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,979 shares of the company’s stock worth $7,096,000 after buying an additional 23,018 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Advance Auto Parts by 3.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,306 shares of the company’s stock worth $293,000 after buying an additional 191 shares in the last quarter. Finally, Baird Financial Group Inc. increased its holdings in Advance Auto Parts by 2.7% in the 2nd quarter. Baird Financial Group Inc. now owns 56,782 shares of the company’s stock worth $2,640,000 after buying an additional 1,515 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

About Advance Auto Parts

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.