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

Key Points

• Truist Financial increased its target price for Advance Auto Parts from $51 to $53, maintaining a "hold" rating, which indicates a potential downside of 6.85% from the current price of the stock.
• Several analysts have also raised their price targets for Advance Auto Parts, with Evercore ISI setting a new target of $58 and Redburn Partners upgrading its rating from "sell" to "neutral" with a $45 price objective.
• Advance Auto Parts reported earnings of $0.69 per share for the last quarter, beating analysts' expectations while experiencing a 7.7% decline in revenue year-over-year.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price increased by equities researchers at Truist Financial from $51.00 to $53.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective would suggest a potential downside of 6.85% from the company's current price.

AAP has been the subject of a number of other reports. Evercore ISI increased their price target on Advance Auto Parts from $56.00 to $58.00 and gave the stock an "in-line" rating in a report on Tuesday. 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 report on Tuesday, June 3rd. Roth Capital set a $50.00 price target on shares of Advance Auto Parts and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Redburn Atlantic upgraded shares of Advance Auto Parts from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $28.00 to $45.00 in a research report on Tuesday, June 3rd. Finally, DA Davidson set a $65.00 target price on Advance Auto Parts in a report on Thursday. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $50.96.

Advance Auto Parts Stock Performance

Shares of NYSE AAP opened at $56.90 on Friday. Advance Auto Parts has a 1 year low of $28.89 and a 1 year high of $70.00. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 1.27. The company's fifty day moving average price is $55.06 and its 200 day moving average price is $44.64. The company has a market capitalization of $3.41 billion, a PE ratio of -9.69 and a beta of 1.05.

Advance Auto Parts (NYSE:AAP - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.97 billion. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. Advance Auto Parts's quarterly revenue was down 7.7% compared to the same quarter last year. During the same period last year, the company posted $0.75 EPS. On average, research analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In other Advance Auto Parts 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 transaction, the senior vice president 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.35% of the company's stock.

Institutional Investors Weigh In On Advance Auto Parts

A number of hedge funds have recently modified their holdings of AAP. REAP Financial Group LLC purchased a new stake in Advance Auto Parts in the second quarter worth $26,000. Hexagon Capital Partners LLC raised its holdings in Advance Auto Parts by 189.0% in 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. Parallel Advisors LLC lifted its position in shares of Advance Auto Parts by 355.8% in the 2nd quarter. Parallel Advisors LLC now owns 939 shares of the company's stock worth $44,000 after purchasing an additional 733 shares during the period. Advisory Services Network LLC bought a new stake in shares of Advance Auto Parts during the 4th quarter valued at about $46,000. Finally, Financial Management Professionals Inc. purchased a new stake in Advance Auto Parts in the first quarter worth about $49,000. 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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