Advance Auto Parts (NYSE:AAP) Stock Gets Price Target Boost from JPMorgan Chase & Co.

Advance Auto Parts (NYSE:AAP) had its target price increased by equities researchers at JPMorgan Chase & Co. from $55.00 to $57.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 24.81% from the company’s previous close.

A number of other brokerages have also recently commented on AAP. Rothschild & Co Redburn cut shares of Advance Auto Parts from a “neutral” rating to a “sell” rating and cut their target price for the company from $45.00 to $32.00 in a report on Monday, October 26th. Truist Financial set a $43.00 price target on shares of Advance Auto Parts and gave the stock a “hold” rating in a research note on Thursday, August 20th. Guggenheim reissued a “neutral” rating on shares of Advance Auto Parts in a research report on Friday, August 21st. Evercore restated a “positive” rating on shares of Advance Auto Parts in a research note on Friday. Finally, UBS Group reduced their target price on shares of Advance Auto Parts from $65.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, August 21st. Three analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and a consensus price target of $47.39.

Advance Auto Parts Trading Up 0.4%

NYSE:AAP opened at $45.67 on Friday. The company has a market capitalization of $2.76 billion, a PE ratio of 27.85, a P/E/G ratio of 0.87 and a beta of 1.02. Advance Auto Parts has a 52-week low of $37.89 and a 52-week high of $65.20. The stock’s 50 day moving average price is $43.30 and its 200 day moving average price is $51.73. The company has a quick ratio of 0.80, a current ratio of 1.63 and a debt-to-equity ratio of 1.34.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Advance Auto Parts had a return on equity of 9.41% and a net margin of 1.16%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. On average, research analysts anticipate that Advance Auto Parts will post 2.94 EPS for the current year.

Hedge Funds Weigh In On Advance Auto Parts

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Advance Auto Parts by 12.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 298,558 shares of the company’s stock valued at $11,619,000 after buying an additional 33,555 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Advance Auto Parts by 51.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 13,386 shares of the company’s stock worth $521,000 after acquiring an additional 4,562 shares during the period. Private Management Group Inc. lifted its stake in shares of Advance Auto Parts by 25.1% in the 3rd quarter. Private Management Group Inc. now owns 581,659 shares of the company’s stock worth $22,632,000 after acquiring an additional 116,523 shares during the period. Fulcrum Asset Management LLP boosted its holdings in shares of Advance Auto Parts by 32,142.7% in the third quarter. Fulcrum Asset Management LLP now owns 61,906 shares of the company’s stock valued at $2,460,000 after acquiring an additional 61,714 shares in the last quarter. Finally, CenterBook Partners LP boosted its holdings in shares of Advance Auto Parts by 120.8% in the third quarter. CenterBook Partners LP now owns 16,026 shares of the company’s stock valued at $624,000 after acquiring an additional 8,769 shares in the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Advance Auto Parts

Advance Auto Parts, Inc is a retailer of automotive aftermarket parts, accessories and maintenance products. Its offerings include replacement parts, batteries, tools, fluids and other supplies for a range of vehicles.

The company serves both do-it-yourself customers and professional automotive repair shops through its stores, online channels and network of independent locations. Its retail banners include Advance Auto Parts and Carquest.

Advance Auto Parts traces its roots to 1932, when the business began in Roanoke, Virginia.