Truist Financial Cuts Advance Auto Parts (NYSE:AAP) Price Target to $41.00

Advance Auto Parts (NYSE:AAP) had its price objective lowered by equities research analysts at Truist Financial from $46.00 to $41.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 5.81% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Evercore ISI cut their price target on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. cut their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Mizuho restated a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. Wedbush upgraded shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Tuesday, October 15th. Finally, TD Cowen cut their price target on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and an average price target of $55.54.

Advance Auto Parts Stock Performance

AAP stock traded down $0.09 during trading on Thursday, reaching $38.75. 8,105 shares of the stock were exchanged, compared to its average volume of 1,984,965. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a market capitalization of $2.31 billion, a P/E ratio of 3,806.00, a price-to-earnings-growth ratio of 1.18 and a beta of 1.17. The stock has a 50 day simple moving average of $39.54 and a 200-day simple moving average of $56.01. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share 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 firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the business earned $1.43 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Advance Auto Parts will post 2.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. AM Squared Ltd raised its position in Advance Auto Parts by 100.0% in the 3rd quarter. AM Squared Ltd now owns 2,000 shares of the company’s stock worth $78,000 after purchasing an additional 1,000 shares during the last quarter. Royce & Associates LP raised its position in Advance Auto Parts by 31.7% in the 3rd quarter. Royce & Associates LP now owns 1,075,587 shares of the company’s stock worth $41,937,000 after purchasing an additional 258,656 shares during the last quarter. KBC Group NV grew its holdings in Advance Auto Parts by 29.1% during the 3rd quarter. KBC Group NV now owns 1,749 shares of the company’s stock worth $68,000 after acquiring an additional 394 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Advance Auto Parts during the 3rd quarter valued at $324,000. Finally, Victory Capital Management Inc. raised its position in shares of Advance Auto Parts by 24.9% during the 3rd quarter. Victory Capital Management Inc. now owns 56,016 shares of the company’s stock valued at $2,184,000 after acquiring an additional 11,183 shares during the last quarter. 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.