Advance Auto Parts (NYSE:AAP) Price Target Cut to $34.00 by Analysts at Truist Financial

Advance Auto Parts (NYSE:AAP) had its price target dropped by research analysts at Truist Financial from $39.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective would indicate a potential downside of 7.02% from the company’s previous close.

Other analysts have also issued reports about the company. Evercore ISI boosted their price target on Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, November 20th. Wells Fargo & Company boosted their target price on Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of Advance Auto Parts in a research report on Friday, November 15th. Royal Bank of Canada lowered 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, BMO Capital Markets initiated coverage on shares of Advance Auto Parts in a report on Friday, December 13th. They set a “market perform” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $47.56.

Advance Auto Parts Stock Down 3.0 %

Advance Auto Parts stock opened at $36.57 on Thursday. The stock has a market capitalization of $2.18 billion, a PE ratio of 50.55, a price-to-earnings-growth ratio of 1.98 and a beta of 1.15. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a 50 day moving average of $46.11 and a 200-day moving average of $43.93. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its position in Advance Auto Parts by 34.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock worth $316,160,000 after purchasing an additional 1,706,328 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Advance Auto Parts by 11.2% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 3,449,554 shares of the company’s stock valued at $163,129,000 after buying an additional 347,587 shares during the period. Pzena Investment Management LLC raised its position in shares of Advance Auto Parts by 12.5% during the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock worth $154,681,000 after acquiring an additional 362,239 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Advance Auto Parts by 12.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock worth $129,016,000 after acquiring an additional 297,741 shares during the period. Finally, Eminence Capital LP bought a new stake in Advance Auto Parts in the fourth quarter valued at approximately $87,214,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.