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

Advance Auto Parts (NYSE:AAP) had its price objective cut by research analysts at Evercore ISI from $71.00 to $67.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price target would indicate a potential upside of 70.70% from the company’s current price.

AAP has been the subject of a number of other reports. Truist Financial decreased their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Mizuho reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. TD Cowen reduced their target price on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 target price for the company in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company reduced their target price on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. One equities 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. According to MarketBeat.com, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $55.86.

Advance Auto Parts Stock Down 4.2 %

AAP stock traded down $1.73 during mid-day trading on Tuesday, reaching $39.25. The company had a trading volume of 864,982 shares, compared to its average volume of 1,956,235. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The stock has a 50 day simple moving average of $44.08 and a two-hundred day simple moving average of $59.09. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 56.88, 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.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.43 earnings per share. As a group, equities analysts predict that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. Kovack Advisors Inc. raised its holdings in shares of Advance Auto Parts by 0.7% during the 1st quarter. Kovack Advisors Inc. now owns 22,727 shares of the company’s stock worth $1,934,000 after buying an additional 150 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Advance Auto Parts by 28.0% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 895 shares of the company’s stock worth $76,000 after buying an additional 196 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Advance Auto Parts by 3.5% during the 2nd quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock worth $430,000 after buying an additional 232 shares in the last quarter. OLD National Bancorp IN raised its holdings in shares of Advance Auto Parts by 6.8% during the 2nd quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after buying an additional 237 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in shares of Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after buying an additional 257 shares in the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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.