Advance Auto Parts (NYSE:AAP) Price Target Cut to $67.00

Advance Auto Parts (NYSE:AAP) had its price objective lowered by Evercore ISI from $71.00 to $67.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s target price indicates a potential upside of 77.01% from the stock’s previous close.

Several other equities research analysts also recently issued reports on AAP. Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective on the stock in a report on Tuesday, October 15th. Roth Mkm reissued a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. TD Cowen cut their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. Finally, Mizuho restated a “neutral” rating and issued a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $55.86.

Advance Auto Parts Stock Down 2.3 %

Shares of AAP opened at $37.85 on Tuesday. The company’s 50-day moving average price is $43.20 and its 200 day moving average price is $58.68. Advance Auto Parts has a 12-month low of $36.40 and a 12-month high of $88.56. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.26 billion, a P/E ratio of 54.86, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the company posted $1.43 earnings per share. The business’s revenue was down .1% compared to the same quarter last year. On average, sell-side analysts forecast that Advance Auto Parts will post 2.19 earnings per share for the current year.

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in AAP. Hexagon Capital Partners LLC lifted its position 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 buying an additional 257 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts in the first quarter valued at $34,000. Mather Group LLC. lifted its position in Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after acquiring an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of Advance Auto Parts during the second quarter worth about $41,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Advance Auto Parts during the first quarter worth about $43,000. 88.75% of the stock is currently 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.