Advance Auto Parts (NYSE:AAP) PT Lowered to $67.00

Advance Auto Parts (NYSE:AAP) had its price target lowered by stock analysts at Evercore ISI from $71.00 to $67.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential upside of 77.01% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Wedbush upgraded shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective for the company in a research report on Tuesday, October 15th. Truist Financial reduced their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a report on Friday, August 23rd. TD Cowen dropped their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. JPMorgan Chase & Co. reduced their target price on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Wells Fargo & Company dropped their price target on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and a consensus price target of $55.86.

Advance Auto Parts Stock Down 2.3 %

Shares of AAP opened at $37.85 on Tuesday. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 54.86, a PEG ratio of 1.25 and a beta of 1.16. Advance Auto Parts has a 52 week low of $36.40 and a 52 week high of $88.56. The stock’s 50-day moving average price is $43.20 and its 200-day moving average price is $58.68. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.43 EPS. On average, sell-side analysts predict that Advance Auto Parts will post 2.19 EPS for the current year.

Institutional Investors Weigh In On Advance Auto Parts

Large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in Advance Auto Parts by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after buying an additional 40,669 shares during the last quarter. Capital World Investors raised its holdings in shares of Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after acquiring an additional 615,674 shares during the period. Third Point LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter valued at about $127,234,000. Dimensional Fund Advisors LP grew its holdings in shares of Advance Auto Parts by 76.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock valued at $80,197,000 after purchasing an additional 547,696 shares during the period. Finally, Dorsal Capital Management LP increased its position in Advance Auto Parts by 159.7% during the second quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock worth $79,162,000 after purchasing an additional 768,664 shares during the last quarter. 88.75% of the stock is currently owned by hedge funds and other 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.