StockNews.com Upgrades Advance Auto Parts (NYSE:AAP) to Buy

Advance Auto Parts (NYSE:AAPGet Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Several other analysts have also recently issued reports on the company. Truist Financial cut Advance Auto Parts from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $228.00 to $147.00 in a report on Wednesday, November 16th. Royal Bank of Canada cut their target price on Advance Auto Parts from $199.00 to $165.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 17th. Wells Fargo & Company cut their target price on Advance Auto Parts from $200.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 16th. Morgan Stanley cut their target price on Advance Auto Parts from $205.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 17th. Finally, DA Davidson cut their target price on Advance Auto Parts from $200.00 to $170.00 in a research report on Thursday, November 17th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $193.67.

Advance Auto Parts Stock Up 0.7 %

NYSE AAP opened at $150.55 on Wednesday. The stock’s 50 day moving average is $169.88 and its 200 day moving average is $180.72. The company has a current ratio of 1.13, a quick ratio of 0.23 and a debt-to-equity ratio of 0.44. Advance Auto Parts has a 12 month low of $145.59 and a 12 month high of $244.55. The stock has a market cap of $9.05 billion, a PE ratio of 19.35, a P/E/G ratio of 0.94 and a beta of 1.27.

Advance Auto Parts (NYSE:AAPGet Rating) last posted its quarterly earnings results on Tuesday, August 23rd. The company reported $3.74 EPS for the quarter, hitting analysts’ consensus estimates of $3.74. Advance Auto Parts had a return on equity of 25.97% and a net margin of 4.30%. The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the firm earned $3.40 EPS. Research analysts predict that Advance Auto Parts will post 12.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

Hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in shares of Advance Auto Parts by 1.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 29,117 shares of the company’s stock worth $5,139,000 after buying an additional 421 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of Advance Auto Parts by 47.9% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 8,278 shares of the company’s stock worth $1,713,000 after purchasing an additional 2,682 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Advance Auto Parts by 1.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,659 shares of the company’s stock worth $2,206,000 after purchasing an additional 192 shares during the last quarter. Vestmark Advisory Solutions Inc. lifted its stake in shares of Advance Auto Parts by 53.3% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 8,461 shares of the company’s stock worth $1,465,000 after purchasing an additional 2,941 shares during the last quarter. Finally, Central Bank & Trust Co. lifted its stake in shares of Advance Auto Parts by 61.6% during the 2nd quarter. Central Bank & Trust Co. now owns 223 shares of the company’s stock worth $39,000 after purchasing an additional 85 shares during the last quarter. 99.47% of the stock is currently owned by hedge funds and other institutional investors.

About Advance Auto Parts

(Get Rating)

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.

Further Reading

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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