Advance Auto Parts (NYSE:AAP) Stock Rating Reaffirmed by Wedbush

Advance Auto Parts (NYSE:AAP)‘s stock had its “neutral” rating reiterated by investment analysts at Wedbush in a note issued to investors on Friday, Benzinga reports. They presently have a $70.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 0.62% from the company’s current price.

AAP has been the subject of several other research reports. Royal Bank of Canada increased their target price on shares of Advance Auto Parts from $47.00 to $68.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. StockNews.com lowered shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Evercore ISI lowered their target price on shares of Advance Auto Parts from $82.00 to $78.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. Mizuho began coverage on shares of Advance Auto Parts in a research report on Tuesday, March 19th. They set a “neutral” rating and a $78.00 price target on the stock. Finally, Truist Financial increased their price target on shares of Advance Auto Parts from $60.00 to $70.00 and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. Three equities research analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $65.19.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $69.57 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.29 and a current ratio of 1.20. The company has a fifty day moving average of $77.32 and a two-hundred day moving average of $67.43. The stock has a market capitalization of $4.15 billion, a PE ratio of 94.01, a P/E/G ratio of 1.26 and a beta of 1.20. Advance Auto Parts has a fifty-two week low of $47.73 and a fifty-two week high of $114.57.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the company posted $2.88 earnings per share. The business’s revenue was down .4% on a year-over-year basis. As a group, research analysts forecast that Advance Auto Parts will post 3.94 earnings per share for the current fiscal year.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, Director Carla Jean Bailo bought 310 shares of the stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the completion of the transaction, the director now owns 5,789 shares in the company, valued at approximately $470,008.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Carla Jean Bailo acquired 310 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were purchased at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the transaction, the director now directly owns 5,789 shares in the company, valued at approximately $470,008.91. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Herman L. Word, Jr. sold 1,858 shares of Advance Auto Parts stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $86.08, for a total transaction of $159,936.64. Following the completion of the transaction, the executive vice president now owns 10,448 shares in the company, valued at $899,363.84. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its stake in shares of Advance Auto Parts by 190.0% during the 4th quarter. Allworth Financial LP now owns 406 shares of the company’s stock worth $25,000 after buying an additional 266 shares during the last quarter. Principal Securities Inc. acquired a new position in Advance Auto Parts in the 4th quarter valued at $27,000. Hexagon Capital Partners LLC lifted its stake in shares of Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after purchasing an additional 257 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Advance Auto Parts during the first quarter worth $34,000. Finally, Larson Financial Group LLC grew its position in shares of Advance Auto Parts by 264.6% in the third quarter. Larson Financial Group LLC now owns 689 shares of the company’s stock valued at $39,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.