Advance Auto Parts (NYSE:AAP) Price Target Raised to $52.00

by · The Markets Daily

Advance Auto Parts (NYSE:AAP – Free Report) had its price target increased by Evercore ISI from $50.00 to $52.00 in a research report report published on Tuesday,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

A number of other equities analysts also recently issued reports on the company. UBS Group reiterated a “neutral” rating and set a $50.00 price target (up previously from $36.00) on shares of Advance Auto Parts in a research note on Friday, May 23rd. Redburn Atlantic raised Advance Auto Parts from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $45.00 in a research report on Tuesday, June 3rd. Wall Street Zen upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Saturday, June 21st. Redburn Partners upgraded Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a research note on Tuesday, June 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and an average price target of $46.25.

View Our Latest Analysis on AAP

Advance Auto Parts Stock Down 0.9%

Shares of NYSE:AAP opened at $46.26 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. Advance Auto Parts has a 52-week low of $28.89 and a 52-week high of $64.92. The business’s 50 day simple moving average is $41.64 and its two-hundred day simple moving average is $41.77. The firm has a market cap of $2.77 billion, a P/E ratio of -7.88 and a beta of 1.06.

Advance Auto Parts (NYSE:AAP – Get Free Report) last issued its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.59. The company had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Advance Auto Parts had a negative return on equity of 1.76% and a negative net margin of 3.74%. Advance Auto Parts’s quarterly revenue was down 24.2% compared to the same quarter last year. During the same period last year, the business earned $0.67 EPS. As a group, research analysts forecast that Advance Auto Parts will post -0.46 EPS for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 11th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $1.00 annualized dividend and a yield of 2.16%. Advance Auto Parts’s payout ratio is -17.04%.

Insider Buying and Selling at Advance Auto Parts

In other news, SVP Jason Hand sold 948 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $48.52, for a total value of $45,996.96. Following the sale, the senior vice president now owns 9,876 shares of the company’s stock, valued at $479,183.52. The trade was a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its holdings in Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after purchasing an additional 818 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Advance Auto Parts by 2.4% in the fourth quarter. Principal Financial Group Inc. now owns 287,732 shares of the company’s stock worth $13,607,000 after buying an additional 6,867 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Advance Auto Parts by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 5,865 shares of the company’s stock valued at $277,000 after acquiring an additional 221 shares during the period. Truist Financial Corp boosted its position in shares of Advance Auto Parts by 30.4% in the fourth quarter. Truist Financial Corp now owns 15,961 shares of the company’s stock valued at $755,000 after acquiring an additional 3,722 shares during the period. Finally, Ieq Capital LLC purchased a new position in Advance Auto Parts during the fourth quarter valued at approximately $910,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

About Advance Auto Parts

(Get Free Report)

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.

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