Evercore ISI Lowers Advance Auto Parts (NYSE:AAP) Price Target to $60.00

Advance Auto Parts (NYSE:AAP) had its price target lowered by analysts at Evercore ISI from $64.00 to $60.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 22.08% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Mizuho decreased their target price on shares of Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating for the company in a report on Monday, June 10th. JPMorgan Chase & Co. decreased their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Truist Financial decreased their price target on shares of Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a report on Thursday, May 30th. Royal Bank of Canada decreased their price target on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a report on Thursday, May 30th. Finally, UBS Group raised their price target on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.86.

Advance Auto Parts Stock Performance

Shares of AAP opened at $49.15 on Friday. Advance Auto Parts has a one year low of $47.73 and a one year high of $88.56. The company has a 50-day moving average of $60.93 and a two-hundred day moving average of $68.60. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 71.23, a PEG ratio of 1.20 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last announced its earnings results 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 1.59% and a net margin of 0.37%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the business earned $1.43 earnings per share. The business’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities research analysts expect that Advance Auto Parts will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors have recently modified their holdings of the company. Creative Planning raised its position in shares of Advance Auto Parts by 11.4% in the second quarter. Creative Planning now owns 19,338 shares of the company’s stock valued at $1,225,000 after purchasing an additional 1,984 shares during the period. Algert Global LLC bought a new position in shares of Advance Auto Parts in the second quarter valued at approximately $380,000. Clearline Capital LP raised its position in shares of Advance Auto Parts by 115.4% in the second quarter. Clearline Capital LP now owns 405,545 shares of the company’s stock valued at $25,683,000 after purchasing an additional 217,276 shares during the period. Annandale Capital LLC raised its position in shares of Advance Auto Parts by 52.7% in the second quarter. Annandale Capital LLC now owns 69,865 shares of the company’s stock valued at $4,425,000 after purchasing an additional 24,100 shares during the period. Finally, Scientech Research LLC increased its position in Advance Auto Parts by 150.0% during the second quarter. Scientech Research LLC now owns 24,920 shares of the company’s stock worth $1,578,000 after acquiring an additional 14,953 shares during the period. Institutional investors own 88.75% of the company’s stock.

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.