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

Advance Auto Parts (NYSE:AAP) had its target price increased by Evercore ISI from $35.00 to $45.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an in-line rating on the stock.

Several other analysts also recently weighed in on AAP. BMO Capital Markets decreased their target price on Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada decreased their target price on Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, February 27th. Truist Financial decreased their target price on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. Finally, Citigroup decreased their target price on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.71.

Advance Auto Parts Stock Performance

Shares of NYSE AAP opened at $48.70 on Friday. The company has a market capitalization of $2.91 billion, a P/E ratio of 66.71, a price-to-earnings-growth ratio of 1.98 and a beta of 0.93. The business’s 50-day moving average price is $34.63 and its two-hundred day moving average price is $40.37. Advance Auto Parts has a one year low of $28.89 and a one year high of $71.62. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.59. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.51 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm’s revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.67 EPS. Analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be issued a $0.25 dividend. The ex-dividend date is Friday, July 11th. This represents a $1.00 annualized dividend and a yield of 2.05%. Advance Auto Parts’s dividend payout ratio (DPR) is -17.86%.

Insider Buying and Selling at Advance Auto Parts

In related news, Director Eugene I. Lee, Jr. bought 14,640 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $34.15 per share, with a total value of $499,956.00. Following the acquisition, the director now owns 34,070 shares in the company, valued at approximately $1,163,490.50. This represents a 75.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shane M. Okelly bought 1,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was bought at an average cost of $36.79 per share, with a total value of $55,185.00. Following the completion of the acquisition, the chief executive officer now owns 183,121 shares in the company, valued at $6,737,021.59. This represents a 0.83% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

A number of hedge funds have recently modified their holdings of AAP. Hexagon Capital Partners LLC raised its holdings in shares of Advance Auto Parts by 189.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 711 shares of the company’s stock worth $28,000 after buying an additional 465 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Advance Auto Parts by 1,543.4% in the 4th quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after buying an additional 818 shares in the last quarter. Vision Financial Markets LLC acquired a new position in shares of Advance Auto Parts in the 4th quarter worth approximately $42,000. Advisory Services Network LLC acquired a new position in shares of Advance Auto Parts in the 4th quarter worth approximately $46,000. Finally, Financial Management Professionals Inc. acquired a new position in shares of Advance Auto Parts in the 1st quarter worth approximately $49,000. 88.75% of the stock is owned by institutional investors and hedge funds.

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.