Barclays Lowers Advance Auto Parts (NYSE:AAP) Price Target to $54.00

Advance Auto Parts (NYSE:AAP) had its price objective dropped by investment analysts at Barclays from $66.00 to $54.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 18.66% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Mizuho reissued a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. DA Davidson reiterated a “neutral” rating and issued a $45.00 price target on shares of Advance Auto Parts in a research report on Friday, November 15th. Roth Mkm reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. Truist Financial decreased their target price on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research note on Friday, November 15th. Finally, Wedbush restated an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $47.93.

Advance Auto Parts Stock Performance

Shares of NYSE AAP traded down $0.48 during trading on Thursday, reaching $45.51. 1,549,214 shares of the company traded hands, compared to its average volume of 1,997,943. The firm has a 50 day simple moving average of $42.50 and a 200-day simple moving average of $47.50. Advance Auto Parts has a 52-week low of $35.59 and a 52-week high of $88.56. The stock has a market capitalization of $2.72 billion, a PE ratio of 62.34 and a beta of 1.16. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.82) EPS. Equities research analysts anticipate that Advance Auto Parts will post -0.54 earnings per share for the current year.

Insider Buying and Selling at Advance Auto Parts

In related news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total transaction of $56,220.56. Following the completion of the sale, the executive vice president now owns 24,266 shares of the company’s stock, valued at $1,069,159.96. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC raised its stake in Advance Auto Parts by 140.3% in the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock valued at $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after purchasing an additional 547,696 shares in the last quarter. Dorsal Capital Management LP raised its stake in Advance Auto Parts by 159.7% in the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock worth $79,162,000 after acquiring an additional 768,664 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Advance Auto Parts by 31.7% in the 3rd quarter. Royce & Associates LP now owns 1,075,587 shares of the company’s stock valued at $41,937,000 after buying an additional 258,656 shares during the period. Finally, Legion Partners Asset Management LLC raised its position in Advance Auto Parts by 1.7% during the second quarter. Legion Partners Asset Management LLC now owns 786,250 shares of the company’s stock valued at $49,793,000 after acquiring an additional 13,300 shares in the last quarter. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

About Advance Auto Parts

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.