Advance Auto Parts (NYSE:AAP) Price Target Cut to $40.00 by Analysts at BMO Capital Markets

Advance Auto Parts (NYSE:AAP) had its price objective cut by stock analysts at BMO Capital Markets from $45.00 to $40.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price points to a potential upside of 4.87% from the stock’s current price.

Several other brokerages have also recently weighed in on AAP. Barclays reduced their price target on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Evercore ISI upped their target price on Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, November 20th. Wells Fargo & Company lifted their price target on Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Royal Bank of Canada reduced their price objective on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a report on Monday, November 11th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Advance Auto Parts has a consensus rating of “Hold” and an average target price of $47.25.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock traded up $0.44 on Thursday, hitting $38.14. 1,452,077 shares of the company traded hands, compared to its average volume of 2,004,427. The business has a 50-day simple moving average of $46.11 and a 200 day simple moving average of $43.93. 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 $2.28 billion, a P/E ratio of 52.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.15. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34.

Insider Activity at Advance Auto Parts

In related news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the transaction, the executive vice president now directly owns 24,266 shares in the company, valued at approximately $1,069,159.96. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

Large investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Advance Auto Parts during the third quarter worth about $14,684,000. Wolverine Asset Management LLC lifted its position in Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after buying an additional 21,320 shares during the period. Blue Trust Inc. lifted its position in Advance Auto Parts by 75.9% during the fourth quarter. Blue Trust Inc. now owns 2,119 shares of the company’s stock worth $100,000 after buying an additional 914 shares during the period. Quest Partners LLC purchased a new position in Advance Auto Parts during the third quarter worth about $579,000. Finally, Moody National Bank Trust Division purchased a new position in shares of Advance Auto Parts in the 4th quarter worth about $1,196,000. 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.