Advance Auto Parts (NYSE:AAP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Advance Auto Parts (NYSE:AAP) had its price objective raised by research analysts at Morgan Stanley from $48.00 to $55.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential downside of 3.29% from the company’s previous close.

A number of other equities analysts have also recently commented on AAP. Cowen reaffirmed a “hold” rating on shares of Advance Auto Parts in a research note on Friday, May 23rd. Redburn Atlantic raised shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $28.00 to $45.00 in a research note on Tuesday, June 3rd. BMO Capital Markets restated a “market perform” rating and set a $50.00 target price (up previously from $40.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Wall Street Zen cut Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Sunday, June 29th. Finally, Bank of America boosted their price objective on Advance Auto Parts from $33.00 to $39.00 and gave the company an “underperform” rating in a report on Friday, May 23rd. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $51.01.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $56.87 on Friday. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of -8.93 and a beta of 1.05. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. The stock has a 50 day moving average price of $55.15 and a 200-day moving average price of $44.66. Advance Auto Parts has a one year low of $28.89 and a one year high of $70.00.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Advance Auto Parts had a negative return on equity of 1.97% and a negative net margin of 4.37%. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $0.75 earnings per share. Advance Auto Parts’s revenue was down 7.7% on a year-over-year basis. Equities analysts expect that Advance Auto Parts will post -0.46 EPS for the current year.

Insider Activity at Advance Auto Parts

In other news, SVP Jason Hand sold 948 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $48.52, for a total transaction of $45,996.96. Following the transaction, the senior vice president directly owned 9,876 shares in the company, valued at approximately $479,183.52. This trade represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

A number of large investors have recently bought and sold shares of the business. AMG National Trust Bank increased its holdings in shares of Advance Auto Parts by 38.1% in the 1st quarter. AMG National Trust Bank now owns 43,615 shares of the company’s stock valued at $1,710,000 after acquiring an additional 12,040 shares during the period. Cerity Partners LLC boosted its position in Advance Auto Parts by 122.1% during the fourth quarter. Cerity Partners LLC now owns 16,015 shares of the company’s stock valued at $744,000 after purchasing an additional 8,804 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Advance Auto Parts by 455.0% in the first quarter. Janney Montgomery Scott LLC now owns 58,790 shares of the company’s stock valued at $2,305,000 after purchasing an additional 48,198 shares during the last quarter. Invenomic Capital Management LP raised its holdings in Advance Auto Parts by 83.9% in the fourth quarter. Invenomic Capital Management LP now owns 157,644 shares of the company’s stock worth $7,455,000 after purchasing an additional 71,928 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Advance Auto Parts by 2.4% during the first quarter. Principal Financial Group Inc. now owns 294,537 shares of the company’s stock valued at $11,549,000 after buying an additional 6,805 shares during the last quarter. 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.