Evercore ISI Lowers Advance Auto Parts (NYSE:AAP) Price Target to $70.00

Advance Auto Parts (NYSE:AAP) had its target price reduced by equities researchers at Evercore ISI from $73.00 to $70.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 16.59% from the stock’s previous close.

A number of other research firms also recently weighed in on AAP. Truist Financial decreased their target price on shares of Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Wedbush reissued a “neutral” rating and set a $70.00 target price on shares of Advance Auto Parts in a research report on Friday, May 24th. UBS Group increased their price target on Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Bank of America increased their price target on Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a report on Thursday, May 30th. Finally, StockNews.com upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.80.

Advance Auto Parts Trading Up 0.6 %

Shares of Advance Auto Parts stock traded up $0.33 on Tuesday, hitting $60.04. The stock had a trading volume of 282,218 shares, compared to its average volume of 1,713,550. The stock has a 50 day moving average of $69.32 and a 200 day moving average of $69.43. Advance Auto Parts has a twelve month low of $47.73 and a twelve month high of $88.56. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.29 and a current ratio of 1.22. The firm has a market capitalization of $3.58 billion, a P/E ratio of 86.94, a PEG ratio of 1.22 and a beta of 1.20.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 EPS. Sell-side analysts expect that Advance Auto Parts will post 3.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

Several large investors have recently added to or reduced their stakes in AAP. Glenmede Trust Co. NA increased its holdings in Advance Auto Parts by 53.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 4,406 shares of the company’s stock worth $246,000 after acquiring an additional 1,534 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in Advance Auto Parts during the 3rd quarter valued at about $210,000. Cito Capital Group LLC purchased a new position in Advance Auto Parts during the 3rd quarter valued at about $570,000. GSA Capital Partners LLP purchased a new position in Advance Auto Parts during the 3rd quarter valued at about $2,168,000. Finally, Annandale Capital LLC grew its holdings in Advance Auto Parts by 54.3% during the 3rd quarter. Annandale Capital LLC now owns 37,352 shares of the company’s stock valued at $2,089,000 after buying an additional 13,137 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

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.