Advance Auto Parts (NYSE:AAP) PT Raised to $83.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its price objective lifted by stock analysts at Evercore ISI from $74.00 to $83.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s target price would suggest a potential downside of 2.72% from the company’s previous close.

A number of other research firms have also recently issued reports on AAP. JPMorgan Chase & Co. lifted their price target on shares of Advance Auto Parts from $55.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Truist Financial lifted their price target on shares of Advance Auto Parts from $53.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, February 29th. TheStreet raised shares of Advance Auto Parts from a “d+” rating to a “c-” rating in a research note on Monday, January 22nd. Royal Bank of Canada lifted their price target on shares of Advance Auto Parts from $47.00 to $68.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Finally, Barclays lifted their price target on shares of Advance Auto Parts from $56.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $69.88.

Advance Auto Parts Stock Performance

Shares of Advance Auto Parts stock opened at $85.32 on Tuesday. Advance Auto Parts has a 52 week low of $47.73 and a 52 week high of $129.90. The company has a quick ratio of 0.29, a current ratio of 1.20 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $5.08 billion, a P/E ratio of 115.30, a PEG ratio of 1.52 and a beta of 1.14. The company has a 50 day moving average price of $70.31 and a 200 day moving average price of $61.16.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.83). The business had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Advance Auto Parts had a return on equity of 1.68% and a net margin of 0.39%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.88 earnings per share. Sell-side analysts expect that Advance Auto Parts will post 3.95 EPS for the current year.

Insider Activity at Advance Auto Parts

In other news, Director Carla Jean Bailo bought 310 shares of the company’s stock in a transaction on Monday, March 18th. The stock was bought at an average cost of $81.19 per share, with a total value of $25,168.90. Following the transaction, the director now directly owns 5,789 shares in the company, valued at approximately $470,008.91. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Herman L. Word, Jr. sold 1,858 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $86.08, for a total transaction of $159,936.64. Following the completion of the transaction, the executive vice president now directly owns 10,448 shares of the company’s stock, valued at $899,363.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carla Jean Bailo acquired 310 shares of the stock in a transaction dated Monday, March 18th. The shares were bought at an average cost of $81.19 per share, with a total value of $25,168.90. Following the completion of the transaction, the director now owns 5,789 shares of the company’s stock, valued at approximately $470,008.91. The disclosure for this purchase can be found here. 0.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in AAP. Private Advisor Group LLC acquired a new position in shares of Advance Auto Parts during the first quarter worth about $232,000. MetLife Investment Management LLC boosted its holdings in Advance Auto Parts by 21.9% in the first quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock valued at $3,511,000 after purchasing an additional 3,046 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Advance Auto Parts by 5.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock valued at $1,727,000 after purchasing an additional 435 shares in the last quarter. Cibc World Market Inc. boosted its holdings in Advance Auto Parts by 120.6% in the first quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock valued at $2,399,000 after purchasing an additional 6,338 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in Advance Auto Parts by 14.4% in the first quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock valued at $956,000 after purchasing an additional 582 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.