Advance Auto Parts (NYSE:AAP) Given New $78.00 Price Target at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its price target lowered by stock analysts at Evercore ISI from $82.00 to $78.00 in a report issued on Tuesday, MarketBeat Ratings reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price target would suggest a potential upside of 5.33% from the company’s previous close.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. lifted their price objective on Advance Auto Parts from $55.00 to $68.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Royal Bank of Canada lifted their price objective on Advance Auto Parts from $47.00 to $68.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. TheStreet upgraded Advance Auto Parts from a “d+” rating to a “c-” rating in a report on Monday, January 22nd. Truist Financial lifted their price objective on Advance Auto Parts from $60.00 to $70.00 and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Finally, Barclays boosted their price target on Advance Auto Parts from $56.00 to $66.00 and gave the company an “equal weight” rating in a report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.18.

Advance Auto Parts Price Performance

NYSE:AAP opened at $74.05 on Tuesday. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 100.07, a P/E/G ratio of 1.27 and a beta of 1.17. Advance Auto Parts has a 52-week low of $47.73 and a 52-week high of $129.90. The stock has a fifty day moving average of $74.00 and a 200 day moving average of $63.30. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.29 and a current ratio of 1.20.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.83). Advance Auto Parts had a return on equity of 1.68% and a net margin of 0.39%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $2.88 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. On average, research analysts expect that Advance Auto Parts will post 3.94 EPS for the current fiscal year.

Insider Transactions at Advance Auto Parts

In related news, Director Brent Windom acquired 4,700 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was acquired at an average price of $85.34 per share, with a total value of $401,098.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $853,400. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other Advance Auto Parts news, Director Carla Jean Bailo purchased 310 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was purchased at an average price of $81.19 per share, with a total value of $25,168.90. Following the acquisition, the director now owns 5,789 shares in the company, valued at $470,008.91. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brent Windom purchased 4,700 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was acquired at an average cost of $85.34 per share, with a total value of $401,098.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $853,400. The disclosure for this purchase can be found here. 0.63% of the stock is currently owned by company insiders.

Institutional Trading of Advance Auto Parts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. Private Advisor Group LLC purchased a new position in shares of Advance Auto Parts during the first quarter worth approximately $232,000. MetLife Investment Management LLC increased its holdings in Advance Auto Parts by 21.9% during the first quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock valued at $3,511,000 after buying an additional 3,046 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Advance Auto Parts by 5.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock valued at $1,727,000 after buying an additional 435 shares during the period. Cibc World Market Inc. increased its holdings in Advance Auto Parts by 120.6% during the first quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock valued at $2,399,000 after buying an additional 6,338 shares during the period. Finally, Blair William & Co. IL increased its holdings in Advance Auto Parts by 14.4% during the first quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock valued at $956,000 after buying an additional 582 shares during the period. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.