Citigroup Issues Positive Forecast for Advance Auto Parts (NYSE:AAP) Stock Price

Key Points

• Citigroup has increased its price target for Advance Auto Parts from $49.00 to $60.00, indicating a potential upside of 2.23% from the company's previous close, though they maintain a "neutral" rating on the stock.
• Analysts have varying opinions on the stock, with three rating it as a sell, nineteen holding, and only one buy rating, reflecting a consensus rating of "Hold" with a target price of $48.53.
• Advance Auto Parts reported negative earnings of ($0.22) per share for the latest quarter, exceeding expectations, with revenue also beating forecasts at $2.58 billion despite a 24.2% decline year-over-year.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective upped by Citigroup from $49.00 to $60.00 in a report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 2.23% from the company's previous close.

Other equities analysts have also issued research reports about the company. Cowen reaffirmed a "hold" rating on shares of Advance Auto Parts in a research report on Friday, May 23rd. Mizuho boosted their price target on Advance Auto Parts from $38.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. Raymond James Financial lifted their price objective on Advance Auto Parts to $49.17 and gave the company a "hold" rating in a research report on Monday, May 26th. UBS Group reaffirmed a "neutral" rating and set a $50.00 price objective (up from $36.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Finally, The Goldman Sachs Group cut Advance Auto Parts from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $48.00 to $46.00 in a report on Tuesday, June 24th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $48.53.

Advance Auto Parts Trading Down 1.6%

Shares of Advance Auto Parts stock traded down $0.96 on Friday, hitting $58.69. The stock had a trading volume of 3,062,179 shares, compared to its average volume of 2,737,346. The stock's 50-day simple moving average is $51.58 and its two-hundred day simple moving average is $43.48. Advance Auto Parts has a one year low of $28.89 and a one year high of $70.00. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of -10.00 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 announced 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 during 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.67 earnings per share. As a group, sell-side analysts predict that Advance Auto Parts will post -0.46 EPS for the current year.

Insider Activity

In other news, SVP Jason Hand sold 948 shares of the stock in a transaction 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 transaction, the senior vice president owned 9,876 shares of the company's stock, valued at approximately $479,183.52. This represents a 8.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.35% of the company's stock.

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC raised its stake in Advance Auto Parts by 1.8% in the second quarter. Yousif Capital Management LLC now owns 26,470 shares of the company's stock valued at $1,231,000 after buying an additional 476 shares during the last quarter. Pzena Investment Management LLC raised its stake in Advance Auto Parts by 1.9% in the second quarter. Pzena Investment Management LLC now owns 4,394,964 shares of the company's stock valued at $204,322,000 after buying an additional 82,456 shares during the last quarter. Blue Trust Inc. raised its stake in Advance Auto Parts by 15.3% in the second quarter. Blue Trust Inc. now owns 3,278 shares of the company's stock valued at $152,000 after buying an additional 436 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in Advance Auto Parts in the second quarter valued at about $371,000. Finally, Gainplan LLC purchased a new stake in Advance Auto Parts in the second quarter valued at about $700,000. Institutional investors own 88.75% of the company's stock.

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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