Advance Auto Parts (NYSE:AAP) Price Target Lowered to $59.00 at JPMorgan Chase & Co.

Advance Auto Parts (NYSE:AAP) had its price target lowered by analysts at JPMorgan Chase & Co. from $64.00 to $59.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 22.99% from the stock’s previous close.

A number of other brokerages also recently weighed in on AAP. Evercore set a $60.00 price objective on Advance Auto Parts in a research report on Wednesday, February 11th. UBS Group reaffirmed a “neutral” rating on shares of Advance Auto Parts in a research report on Monday, February 9th. Citigroup increased their price target on Advance Auto Parts from $55.00 to $57.00 and gave the company a “neutral” rating in a research note on Tuesday. Roth Mkm reiterated a “neutral” rating and issued a $57.00 price target on shares of Advance Auto Parts in a research note on Thursday, February 19th. Finally, Morgan Stanley set a $60.00 price target on Advance Auto Parts in a research note on Tuesday, February 17th. One analyst has rated the stock with a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $52.72.

Advance Auto Parts Stock Performance

Shares of AAP stock traded down $1.74 during trading hours on Friday, reaching $47.97. 528,923 shares of the company traded hands, compared to its average volume of 1,720,700. Advance Auto Parts has a 12-month low of $31.28 and a 12-month high of $70.00. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.75 and a quick ratio of 0.87. The company has a market cap of $2.89 billion, a P/E ratio of 65.70, a P/E/G ratio of 0.86 and a beta of 1.06. The firm has a 50-day moving average price of $53.80 and a 200 day moving average price of $50.44.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Friday, February 13th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.45. Advance Auto Parts had a return on equity of 6.23% and a net margin of 0.51%.The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the company earned ($10.16) earnings per share. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Advance Auto Parts will post 2.77 earnings per share for the current fiscal year.

Institutional Trading of Advance Auto Parts

Institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new stake in Advance Auto Parts in the 3rd quarter valued at about $31,000. AlphaCore Capital LLC raised its position in Advance Auto Parts by 6,288.9% in the 3rd quarter. AlphaCore Capital LLC now owns 575 shares of the company’s stock valued at $35,000 after purchasing an additional 566 shares in the last quarter. Hantz Financial Services Inc. raised its position in Advance Auto Parts by 184.5% in the 4th quarter. Hantz Financial Services Inc. now owns 919 shares of the company’s stock valued at $36,000 after purchasing an additional 596 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Advance Auto Parts by 290.3% in the 2nd quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock valued at $43,000 after purchasing an additional 688 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in Advance Auto Parts in the 3rd quarter valued at about $52,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.