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

Advance Auto Parts (NYSE:AAP) had its price target cut by equities research analysts at Evercore ISI from $82.00 to $78.00 in a research report issued to clients and investors on Tuesday, Marketbeat reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price target indicates a potential upside of 5.33% from the company’s current price.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on Advance Auto Parts from $55.00 to $68.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. TheStreet upgraded Advance Auto Parts from a “d+” rating to a “c-” rating in a research report on Monday, January 22nd. Barclays increased their target price on Advance Auto Parts from $56.00 to $66.00 and gave the stock an “equal weight” rating in a report on Thursday, February 29th. Mizuho initiated coverage on Advance Auto Parts in a report on Tuesday, March 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Truist Financial increased their target price on Advance Auto Parts from $60.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $70.18.

Advance Auto Parts Stock Up 3.4 %

Shares of AAP stock opened at $74.05 on Tuesday. The firm has a market cap of $4.41 billion, a PE ratio of 100.07, a price-to-earnings-growth ratio of 1.27 and a beta of 1.17. The company has a quick ratio of 0.29, a current ratio of 1.20 and a debt-to-equity ratio of 0.71. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $129.90. The stock has a 50 day moving average of $74.00 and a 200-day moving average of $63.30.

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

Insiders Place Their Bets

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

Institutional Trading of Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Advance Auto Parts by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock worth $1,442,611,000 after purchasing an additional 261,715 shares during the last quarter. BlackRock Inc. lifted its holdings in Advance Auto Parts by 9.3% during the 2nd quarter. BlackRock Inc. now owns 4,435,265 shares of the company’s stock worth $311,799,000 after purchasing an additional 376,025 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Advance Auto Parts by 53.0% in 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 in the last quarter. State Street Corp raised its holdings in Advance Auto Parts by 28.2% in the 1st quarter. State Street Corp now owns 3,431,787 shares of the company’s stock valued at $417,340,000 after acquiring an additional 754,027 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in Advance Auto Parts by 3.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock valued at $685,801,000 after acquiring an additional 114,789 shares in the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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.