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

Advance Auto Parts (NYSE:AAP - Get Free Report) had its price objective raised by investment analysts at Evercore ISI from $50.00 to $52.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "in-line" rating on the stock. Evercore ISI's price objective suggests a potential upside of 9.92% from the company's current price.

Several other equities analysts have also issued reports on the company. BMO Capital Markets reiterated a "market perform" rating and issued a $50.00 price objective (up from $40.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Citigroup decreased their price target on Advance Auto Parts from $47.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Roth Capital set a $50.00 price objective on shares of Advance Auto Parts and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Redburn Partners raised Advance Auto Parts from a "sell" rating to a "neutral" rating and set a $45.00 price target for the company in a report on Tuesday, June 3rd. Finally, Redburn Atlantic raised Advance Auto Parts from a "sell" rating to a "neutral" rating and upped their target price for the company from $28.00 to $45.00 in a research report on Tuesday, June 3rd. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, Advance Auto Parts currently has an average rating of "Hold" and a consensus target price of $46.25.

Advance Auto Parts Trading Down 8.9%

Shares of AAP traded down $4.62 during midday trading on Tuesday, hitting $47.31. The stock had a trading volume of 2,252,747 shares, compared to its average volume of 2,484,026. The business has a 50-day simple moving average of $40.72 and a two-hundred day simple moving average of $41.70. Advance Auto Parts has a fifty-two week low of $28.89 and a fifty-two week high of $66.08. 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 cap of $2.84 billion, a P/E ratio of -8.04 and a beta of 1.06.

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 the consensus estimate of ($0.81) by $0.59. The company 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 company's revenue for the quarter was down 24.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS. As a group, equities analysts forecast that Advance Auto Parts will post -0.46 EPS for the current year.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the business'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 value of $45,996.96. Following the completion of the sale, the senior vice president now owns 9,876 shares in the company, valued at approximately $479,183.52. The trade was a 8.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.67% of the company's stock.

Institutional Trading of Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. Hexagon Capital Partners LLC increased its position in Advance Auto Parts by 189.0% during the 1st 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. Allworth Financial LP lifted its holdings in shares of Advance Auto Parts by 1,543.4% during the 4th 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 purchased a new stake in Advance Auto Parts in the fourth quarter valued at approximately $42,000. Advisory Services Network LLC acquired a new position in Advance Auto Parts during the fourth quarter worth approximately $46,000. Finally, Financial Management Professionals Inc. acquired a new position in Advance Auto Parts in the first quarter valued at $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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