Advance Auto Parts (NYSE:AAP) Price Target Raised to $58.00

Key Points

• Evercore ISI has raised the target price for Advance Auto Parts from $56.00 to $58.00, maintaining an "in-line" rating while indicating a potential downside of 2.39% from the current price.
• CitiGroup recently increased its target price on Advance Auto Parts from $49.00 to $60.00 with a "neutral" rating, while several other analysts have provided varying target prices and ratings, resulting in an average consensus target of $48.63.
• Advance Auto Parts reported a quarterly earnings per share of ($0.22), exceeding analyst estimates and showing a decline in revenue of 24.2% compared to the previous year, with a market capitalization of $3.56 billion.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price increased by analysts at Evercore ISI from $56.00 to $58.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's target price suggests a potential downside of 2.39% from the company's current price.

A number of other equities analysts have also recently issued reports on AAP. Citigroup upped their target price on Advance Auto Parts from $49.00 to $60.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Cowen reaffirmed a "hold" rating on shares of Advance Auto Parts in a report on Friday, May 23rd. Wells Fargo & Company set a $35.00 target price on Advance Auto Parts and gave the stock an "equal weight" rating in a report on Monday, May 19th. BMO Capital Markets reaffirmed 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. Finally, Bank of America upped their target price on Advance Auto Parts from $33.00 to $39.00 and gave the stock an "underperform" rating in a report on Friday, May 23rd. Three 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 company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $48.63.

Advance Auto Parts Stock Up 0.6%

AAP stock opened at $59.42 on Tuesday. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $3.56 billion, a PE ratio of -10.12 and a beta of 1.05. Advance Auto Parts has a 1-year low of $28.89 and a 1-year high of $70.00. The business's 50 day simple moving average is $54.62 and its 200 day simple moving average is $44.36.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, topping analysts' consensus estimates of ($0.81) by $0.59. The business had revenue of $2.58 billion for the quarter, compared to analyst estimates 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 firm's revenue was down 24.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 EPS. As a group, research analysts anticipate that Advance Auto Parts will post -0.46 EPS for the current year.

Insider Buying and Selling

In related news, SVP Jason Hand sold 948 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $48.52, for a total transaction of $45,996.96. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

Large investors have recently added to or reduced their stakes in the business. REAP Financial Group LLC acquired a new stake in Advance Auto Parts in the second quarter valued at approximately $26,000. Hexagon Capital Partners LLC grew its stake in Advance Auto Parts by 189.0% in the first quarter. Hexagon Capital Partners LLC now owns 711 shares of the company's stock valued at $28,000 after acquiring an additional 465 shares during the period. Parallel Advisors LLC grew its stake in Advance Auto Parts by 355.8% in the second quarter. Parallel Advisors LLC now owns 939 shares of the company's stock valued at $44,000 after acquiring an additional 733 shares during the period. Advisory Services Network LLC acquired 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 in the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 88.75% of the company's stock.

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.

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