Advance Auto Parts (NYSE:AAP) Given New $39.00 Price Target at Bank of America

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price raised by investment analysts at Bank of America from $33.00 to $39.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "underperform" rating on the stock. Bank of America's target price points to a potential downside of 17.16% from the stock's current price.

AAP has been the subject of several other reports. Morgan Stanley boosted their target price on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday. Royal Bank of Canada lowered their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a "sector perform" rating for the company in a research report on Thursday, February 27th. Evercore ISI upped their target price on Advance Auto Parts from $35.00 to $45.00 and gave the stock an "in-line" rating in a research note on Friday. Citigroup reduced their target price on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets boosted their price target on Advance Auto Parts from $40.00 to $50.00 and gave the stock a "market perform" rating in a report on Friday. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Advance Auto Parts currently has a consensus rating of "Hold" and an average price target of $45.24.

Advance Auto Parts Price Performance

NYSE AAP traded down $2.09 during midday trading on Friday, hitting $47.08. The company had a trading volume of 5,129,660 shares, compared to its average volume of 2,417,176. The firm has a 50-day moving average price of $34.41 and a 200-day moving average price of $40.30. The company has a market capitalization of $2.82 billion, a PE ratio of 64.50, a P/E/G ratio of 1.98 and a beta of 0.93. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. Advance Auto Parts has a twelve month low of $28.89 and a twelve month high of $71.62.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, topping analysts' consensus estimates of ($0.81) by $0.59. The company had revenue of $2.58 billion for the quarter, compared to analysts' expectations of $2.51 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. Advance Auto Parts's revenue was down 24.2% on a year-over-year basis. During the same quarter last year, the business earned $0.67 earnings per share. As a group, analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the completion of the acquisition, the director now owns 34,070 shares in the company, valued at approximately $1,163,490.50. This trade represents a 75.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shane M. Okelly acquired 1,500 shares of Advance Auto Parts stock in a transaction that occurred on Tuesday, March 11th. The stock was acquired at an average cost of $36.79 per share, for a total transaction of $55,185.00. Following the purchase, the chief executive officer now owns 183,121 shares of the company's stock, valued at $6,737,021.59. The trade was a 0.83% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AAP. Hexagon Capital Partners LLC grew its position in shares of Advance Auto Parts by 189.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock valued at $28,000 after buying an additional 465 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Advance Auto Parts by 1,543.4% in the fourth quarter. Allworth Financial LP now owns 871 shares of the company's stock worth $40,000 after acquiring an additional 818 shares during the period. Vision Financial Markets LLC bought a new stake in Advance Auto Parts in the fourth quarter valued at approximately $42,000. Advisory Services Network LLC bought a new stake in Advance Auto Parts in the fourth quarter valued at approximately $46,000. Finally, Financial Management Professionals Inc. acquired a new stake in Advance Auto Parts during the 1st quarter valued at approximately $49,000. 88.75% of the stock is owned by institutional investors.

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.

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