Advance Auto Parts (NYSE:AAP) Price Target Raised to $83.00

Advance Auto Parts (NYSE:AAP) had its target price raised by Evercore ISI from $74.00 to $83.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price objective suggests a potential downside of 2.72% from the stock’s current price.

Other equities analysts have also issued reports about the company. William Blair reissued a “market perform” rating on shares of Advance Auto Parts in a report on Wednesday, December 13th. TheStreet upgraded Advance Auto Parts from a “d+” rating to a “c-” rating in a research report on Monday, January 22nd. Royal Bank of Canada increased their target price on 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. Truist Financial increased their target price on Advance Auto Parts from $53.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, February 29th. Finally, Mizuho assumed coverage on Advance Auto Parts in a research report on Tuesday, March 19th. They set a “neutral” rating and a $78.00 target price on the stock. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.88.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $85.32 on Tuesday. The stock has a fifty day simple moving average of $70.31 and a two-hundred day simple moving average of $61.16. Advance Auto Parts has a 1-year low of $47.73 and a 1-year high of $129.90. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of 115.30, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the company posted $2.88 earnings per share. Advance Auto Parts’s revenue for the quarter was down .4% on a year-over-year basis. Analysts anticipate that Advance Auto Parts will post 3.95 earnings per share for the current year.

Insider Activity

In related news, Director Carla Jean Bailo acquired 310 shares of Advance Auto Parts stock in a transaction dated Monday, March 18th. The shares were purchased at an average cost of $81.19 per share, with a total value of $25,168.90. Following the completion of the purchase, the director now owns 5,789 shares of the company’s stock, valued at $470,008.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Herman L. Word, Jr. sold 1,858 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $86.08, for a total value of $159,936.64. Following the sale, the executive vice president now directly owns 10,448 shares of the company’s stock, valued at $899,363.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carla Jean Bailo bought 310 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the completion of the purchase, the director now directly owns 5,789 shares of the company’s stock, valued at $470,008.91. The disclosure for this purchase can be found here. Insiders own 0.63% of the company’s stock.

Institutional Trading of Advance Auto Parts

Several large investors have recently modified their holdings of AAP. Private Advisor Group LLC bought a new stake in shares of Advance Auto Parts in the first quarter worth about $232,000. MetLife Investment Management LLC grew its stake in shares of Advance Auto Parts by 21.9% in the first quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock worth $3,511,000 after purchasing an additional 3,046 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Advance Auto Parts by 5.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock worth $1,727,000 after purchasing an additional 435 shares during the last quarter. Cibc World Market Inc. lifted its holdings in Advance Auto Parts by 120.6% in the first quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock worth $2,399,000 after buying an additional 6,338 shares during the period. Finally, Blair William & Co. IL lifted its holdings in Advance Auto Parts by 14.4% in the first quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock worth $956,000 after buying an additional 582 shares during the period. 88.75% of the stock is owned by 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.