Mizuho Forecasts Strong Price Appreciation for Advance Auto Parts (NYSE:AAP) Stock

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective hoisted by research analysts at Mizuho from $38.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's price target would suggest a potential downside of 13.85% from the stock's current price.

A number of other brokerages have also commented on AAP. Wells Fargo & Company set a $35.00 price target on Advance Auto Parts and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Morgan Stanley raised their price objective on shares of Advance Auto Parts from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Friday, May 23rd. UBS Group reaffirmed a "neutral" rating and issued a $50.00 target price (up previously from $36.00) on shares of Advance Auto Parts in a report on Friday, May 23rd. Redburn Partners raised Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 price objective on the stock in a research note on Tuesday, June 3rd. Finally, BMO Capital Markets restated a "market perform" rating and issued a $50.00 target price (up previously from $40.00) on shares of Advance Auto Parts in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $46.53.

Advance Auto Parts Price Performance

Shares of NYSE AAP traded up $2.07 during mid-day trading on Thursday, reaching $51.08. 1,895,757 shares of the company were exchanged, compared to its average volume of 2,574,053. Advance Auto Parts has a 52 week low of $28.89 and a 52 week high of $64.92. The company's 50 day moving average price is $43.23 and its 200 day moving average price is $41.89. The stock has a market capitalization of $3.06 billion, a PE ratio of -8.70 and a beta of 1.04. The company has a quick ratio of 0.49, a current ratio of 1.27 and a debt-to-equity ratio of 0.68.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.81) by $0.59. The firm had revenue of $2.58 billion during the quarter, compared to analysts' expectations of $2.51 billion. Advance Auto Parts had a negative return on equity of 1.76% and a negative net margin of 3.74%. The company's revenue for the quarter was down 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 EPS. Sell-side analysts forecast that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Advance Auto Parts

In related news, SVP Jason Hand sold 948 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $48.52, for a total value of $45,996.96. Following the sale, the senior vice president owned 9,876 shares of the company's stock, valued at $479,183.52. This trade represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.35% of the company's stock.

Institutional Investors Weigh In On Advance Auto Parts

A number of large investors have recently modified their holdings of AAP. Hexagon Capital Partners LLC grew its stake in shares of Advance Auto Parts by 189.0% during the first quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock worth $28,000 after purchasing an additional 465 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in Advance Auto Parts during the 4th quarter worth about $42,000. Advisory Services Network LLC acquired a new position in shares of Advance Auto Parts during the 4th quarter worth about $46,000. Financial Management Professionals Inc. purchased a new position in shares of Advance Auto Parts in the 1st quarter valued at about $49,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Advance Auto Parts by 1,258.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,310 shares of the company's stock valued at $91,000 after acquiring an additional 2,140 shares during the last quarter. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.