Northcoast Research Upgrades Advance Auto Parts (NYSE:AAP) to Buy

Advance Auto Parts (NYSE:AAP) was upgraded by equities research analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat reports. The firm currently has a $55.00 price objective on the stock. Northcoast Research’s target price indicates a potential upside of 33.02% from the stock’s previous close.

Several other research firms have also recently commented on AAP. JPMorgan Chase & Co. lifted their target price on shares of Advance Auto Parts from $44.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Evercore ISI lowered their price objective on Advance Auto Parts from $58.00 to $56.00 and set an “in-line” rating for the company in a research report on Tuesday, December 16th. Truist Financial set a $48.00 target price on Advance Auto Parts in a research report on Wednesday, December 17th. TD Cowen lowered their price target on Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Cfra Research upgraded Advance Auto Parts to a “hold” rating in a report on Thursday, October 30th. Two analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $50.08.

Advance Auto Parts Stock Performance

NYSE AAP opened at $41.35 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 1.73 and a debt-to-equity ratio of 1.55. Advance Auto Parts has a fifty-two week low of $28.89 and a fifty-two week high of $70.00. The business has a fifty day moving average of $45.65 and a 200-day moving average of $53.38. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of -6.57 and a beta of 1.14.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.18. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Advance Auto Parts had a positive return on equity of 0.64% and a negative net margin of 4.37%.The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. Advance Auto Parts has set its FY 2025 guidance at 1.750-1.850 EPS. As a group, analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, EVP Kristen L. Soler sold 7,662 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $51.00, for a total transaction of $390,762.00. Following the sale, the executive vice president directly owned 23,165 shares in the company, valued at approximately $1,181,415. The trade was a 24.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently modified their holdings of AAP. American Century Companies Inc. boosted its stake in Advance Auto Parts by 559.0% in the 3rd quarter. American Century Companies Inc. now owns 1,519,591 shares of the company’s stock worth $93,303,000 after purchasing an additional 1,288,986 shares during the period. Federated Hermes Inc. increased its holdings in Advance Auto Parts by 75.7% in the second quarter. Federated Hermes Inc. now owns 2,387,325 shares of the company’s stock worth $110,987,000 after buying an additional 1,028,561 shares during the last quarter. Maple Rock Capital Partners Inc. raised its holdings in shares of Advance Auto Parts by 508.2% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 951,790 shares of the company’s stock valued at $58,440,000 after purchasing an additional 795,290 shares in the last quarter. Wellington Management Group LLP bought a new position in Advance Auto Parts during the third quarter valued at about $33,610,000. Finally, Geode Capital Management LLC lifted its holdings in Advance Auto Parts by 48.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,416,636 shares of the company’s stock worth $65,867,000 after purchasing an additional 461,761 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.