Advance Auto Parts (NYSE:AAP) Price Target Raised to $45.00

Advance Auto Parts (NYSE:AAP) had its target price lifted by equities research analysts at Wells Fargo & Company from $40.00 to $45.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 2.89% from the company’s previous close.

AAP has been the subject of a number of other reports. UBS Group upped their price objective on Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. DA Davidson reissued a “neutral” rating and set a $45.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. Truist Financial cut their price objective on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research note on Friday, November 15th. Finally, Roth Mkm reiterated a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $48.73.

Advance Auto Parts Stock Down 3.7 %

AAP opened at $46.34 on Monday. Advance Auto Parts has a one year low of $35.59 and a one year high of $88.56. The company has a fifty day moving average price of $42.08 and a 200-day moving average price of $47.88. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The firm has a market capitalization of $2.77 billion, a P/E ratio of 63.48 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the business posted ($0.82) EPS. The business’s revenue was down 3.2% compared to the same quarter last year. Equities research analysts expect that Advance Auto Parts will post -0.54 earnings per share for the current fiscal year.

Insider Activity at Advance Auto Parts

In related news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the completion of the transaction, the executive vice president now owns 24,266 shares of the company’s stock, valued at $1,069,159.96. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors have recently modified their holdings of AAP. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Advance Auto Parts during the 3rd quarter valued at about $14,684,000. Wolverine Asset Management LLC lifted its stake in shares of Advance Auto Parts by 212.4% in the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after buying an additional 21,320 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Advance Auto Parts during the third quarter valued at approximately $579,000. FORA Capital LLC bought a new stake in shares of Advance Auto Parts during the third quarter valued at approximately $2,144,000. Finally, Maple Rock Capital Partners Inc. purchased a new position in Advance Auto Parts in the 3rd quarter worth approximately $9,046,000. 88.75% of the stock is 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.