Advance Auto Parts (NYSE:AAP) Given New $39.00 Price Target at Truist Financial

Advance Auto Parts (NYSE:AAP) had its price target decreased by analysts at Truist Financial from $41.00 to $39.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price would indicate a potential upside of 1.35% from the stock’s previous close.

A number of other brokerages also recently issued reports on AAP. UBS Group increased their target price on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday. Mizuho reiterated a “neutral” rating and issued a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Roth Mkm restated a “neutral” rating and set a $40.00 target price on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Royal Bank of Canada cut their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a report on Monday. Finally, Evercore ISI decreased their price objective on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and an average target price of $49.46.

Advance Auto Parts Stock Performance

NYSE:AAP traded down $2.72 during midday trading on Friday, reaching $38.48. The stock had a trading volume of 585,019 shares, compared to its average volume of 2,029,904. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a market cap of $2.30 billion, a P/E ratio of 3,848.00, a P/E/G ratio of 1.33 and a beta of 1.17. The firm has a fifty day simple moving average of $39.06 and a two-hundred day simple moving average of $54.63. Advance Auto Parts has a 12-month low of $35.59 and a 12-month high of $88.56.

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

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors have recently bought and sold shares of AAP. Wolverine Asset Management LLC increased its stake in Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after acquiring an additional 21,320 shares during the last quarter. BW Gestao de Investimentos Ltda. acquired a new stake in Advance Auto Parts during the 2nd quarter worth approximately $7,916,000. Renaissance Technologies LLC raised its holdings in Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock valued at $11,745,000 after buying an additional 39,300 shares during the period. International Assets Investment Management LLC acquired a new position in Advance Auto Parts during the third quarter valued at approximately $17,477,000. Finally, AQR Capital Management LLC increased its position in shares of Advance Auto Parts by 31.0% in the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after acquiring an additional 55,226 shares in the last quarter. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

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.