Evercore ISI Lowers Advance Auto Parts (NYSE:AAP) Price Target to $70.00

Advance Auto Parts (NYSE:AAP) had its target price dropped by Evercore ISI from $73.00 to $70.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price target indicates a potential upside of 16.59% from the company’s previous close.

Other research analysts have also issued reports about the company. Bank of America boosted their price target on Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a research report on Thursday, May 30th. StockNews.com raised Advance Auto Parts from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. Truist Financial reduced their target price on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. UBS Group upped their target price on Advance Auto Parts from $68.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Finally, Mizuho reduced their target price on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $63.80.

Advance Auto Parts Stock Up 0.6 %

NYSE AAP traded up $0.33 on Tuesday, reaching $60.04. 282,218 shares of the stock traded hands, compared to its average volume of 1,713,550. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 86.94, a PEG ratio of 1.22 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.29 and a current ratio of 1.22. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $88.56. The company has a fifty day moving average price of $69.32 and a 200-day moving average price of $69.43.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 29th. The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.43 billion. Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. As a group, research analysts forecast that Advance Auto Parts will post 3.72 EPS for the current fiscal year.

Institutional Trading of Advance Auto Parts

A number of hedge funds have recently modified their holdings of AAP. Glenmede Trust Co. NA boosted its stake in shares of Advance Auto Parts by 53.4% in the third quarter. Glenmede Trust Co. NA now owns 4,406 shares of the company’s stock worth $246,000 after buying an additional 1,534 shares during the last quarter. Evergreen Capital Management LLC acquired a new position in shares of Advance Auto Parts during the third quarter valued at approximately $210,000. Cito Capital Group LLC acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $570,000. GSA Capital Partners LLP acquired a new stake in shares of Advance Auto Parts in the third quarter valued at approximately $2,168,000. Finally, Annandale Capital LLC grew its position in Advance Auto Parts by 54.3% in the third quarter. Annandale Capital LLC now owns 37,352 shares of the company’s stock worth $2,089,000 after acquiring an additional 13,137 shares during the period. Hedge funds and other institutional investors 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.