Evercore ISI Boosts Advance Auto Parts (NYSE:AAP) Price Target to $56.00

Key Points

• Evercore ISI has raised the price target for Advance Auto Parts (NYSE:AAP) from $52.00 to $56.00, indicating a potential downside from the current price.
• Other analysts have varied ratings for the stock, with most maintaining a "neutral" stance, while the average target price now stands at $46.72.
• Advance Auto Parts reported a loss of ($0.22) earnings per share for the last quarter, exceeding a consensus estimate of ($0.81), but revenue declined by 24.2% year-on-year.
• Institutional investors hold approximately 88.75% of the stock, highlighting strong institutional interest in the company.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective increased by Evercore ISI from $52.00 to $56.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price objective would suggest a potential downside of 3.77% from the stock's current price.

Other analysts have also issued research reports about the stock. UBS Group reaffirmed a "neutral" rating and set a $50.00 price objective (up previously from $36.00) on shares of Advance Auto Parts in a report on Friday, May 23rd. DA Davidson raised their price objective on shares of Advance Auto Parts from $45.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Cowen reissued a "hold" rating on shares of Advance Auto Parts in a research note on Friday, May 23rd. Morgan Stanley increased their price target on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. Finally, The Goldman Sachs Group cut shares of Advance Auto Parts from a "neutral" rating to a "sell" rating and decreased their price target for the company from $48.00 to $46.00 in a research note on Tuesday, June 24th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $46.72.

Advance Auto Parts Stock Performance

AAP stock traded down $1.46 during trading on Friday, reaching $58.19. 338,974 shares of the stock were exchanged, compared to its average volume of 2,717,567. Advance Auto Parts has a twelve month low of $28.89 and a twelve month high of $70.00. The company has a market capitalization of $3.49 billion, a P/E ratio of -9.96 and a beta of 1.04. The stock has a 50 day simple moving average of $51.58 and a 200-day simple moving average of $43.48. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released 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 the consensus estimate 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 for the quarter was down 24.2% compared to the same quarter last year. During the same period last year, the business earned $0.67 earnings per share. As a group, sell-side analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insider Activity

In other news, SVP Jason Hand sold 948 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $48.52, for a total transaction of $45,996.96. Following the completion of the transaction, the senior vice president directly owned 9,876 shares in the company, valued at approximately $479,183.52. This represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.35% of the company's stock.

Institutional Trading of Advance Auto Parts

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in Advance Auto Parts by 34.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company's stock valued at $316,160,000 after purchasing an additional 1,706,328 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Advance Auto Parts by 31.8% during the first quarter. Pzena Investment Management LLC now owns 4,312,508 shares of the company's stock valued at $169,093,000 after purchasing an additional 1,041,611 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Advance Auto Parts by 3.0% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,552,475 shares of the company's stock valued at $139,293,000 after purchasing an additional 102,921 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Advance Auto Parts by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,741,701 shares of the company's stock valued at $107,500,000 after purchasing an additional 13,412 shares in the last quarter. Finally, Eminence Capital LP bought a new position in shares of Advance Auto Parts during the fourth quarter valued at about $87,214,000. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.