Advance Auto Parts (NYSE:AAP) Price Target Cut to $46.00 by Analysts at Royal Bank of Canada

Advance Auto Parts (NYSE:AAP) had its target price lowered by analysts at Royal Bank of Canada from $52.00 to $46.00 in a research report issued on Monday, Marketbeat reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 15.27% from the stock’s previous close.

A number of other research analysts also recently commented on AAP. Wells Fargo & Company decreased their price objective on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. JPMorgan Chase & Co. lowered their price target on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Mizuho reaffirmed a “neutral” rating and issued a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 target price for the company in a research note on Tuesday, October 15th. Finally, TD Cowen cut their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus price target of $54.08.

Advance Auto Parts Trading Down 1.6 %

Shares of NYSE:AAP opened at $39.91 on Monday. The stock has a market capitalization of $2.38 billion, a PE ratio of 3,990.50, a price-to-earnings-growth ratio of 1.24 and a beta of 1.17. The company’s 50-day moving average price is $39.08 and its two-hundred day moving average price is $54.82. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. Advance Auto Parts has a one year low of $35.59 and a one year high of $88.56.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company earned $1.43 EPS. The company’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities analysts forecast that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

A number of hedge funds and other institutional investors have recently made changes to their positions in AAP. Allspring Global Investments Holdings LLC bought a new position in Advance Auto Parts during the 1st quarter worth $34,000. Oppenheimer & Co. Inc. bought a new stake in Advance Auto Parts during the first quarter worth about $292,000. Sei Investments Co. grew its stake in Advance Auto Parts by 0.6% during the first quarter. Sei Investments Co. now owns 59,402 shares of the company’s stock worth $5,055,000 after buying an additional 352 shares in the last quarter. US Bancorp DE raised its position in shares of Advance Auto Parts by 10.3% in the 1st quarter. US Bancorp DE now owns 12,767 shares of the company’s stock valued at $1,086,000 after buying an additional 1,197 shares in the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in shares of Advance Auto Parts during the 1st quarter worth approximately $207,000. 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.