Evercore ISI Trims Advance Auto Parts (NYSE:AAP) Target Price to $78.00

Advance Auto Parts (NYSE:AAP) had its price target cut by Evercore ISI from $82.00 to $78.00 in a report issued on Tuesday, Marketbeat.com reports. They currently have an in-line rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial upped their price target on shares of Advance Auto Parts from $60.00 to $70.00 and gave the company a hold rating in a research note on Tuesday, April 2nd. Barclays upped their price target on shares of Advance Auto Parts from $56.00 to $66.00 and gave the company an equal weight rating in a research note on Thursday, February 29th. Royal Bank of Canada upped their price target on shares of Advance Auto Parts from $47.00 to $68.00 and gave the company a sector perform rating in a research note on Thursday, February 29th. TheStreet upgraded shares of Advance Auto Parts from a d+ rating to a c- rating in a research note on Monday, January 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Advance Auto Parts from $55.00 to $68.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $70.18.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $77.20 on Tuesday. The firm has a market cap of $4.60 billion, a PE ratio of 104.32, a PEG ratio of 1.30 and a beta of 1.17. The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. Advance Auto Parts has a 1-year low of $47.73 and a 1-year high of $129.90. The company has a fifty day moving average price of $74.26 and a 200 day moving average price of $63.40.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.83). Advance Auto Parts had a return on equity of 1.68% and a net margin of 0.39%. The business had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $2.88 earnings per share. The company’s quarterly revenue was down .4% compared to the same quarter last year. Research analysts predict that Advance Auto Parts will post 3.94 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.30%. The ex-dividend date is Thursday, April 11th. Advance Auto Parts’s payout ratio is 135.14%.

Insider Activity

In other Advance Auto Parts news, Director Brent Windom purchased 4,700 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was purchased at an average price of $85.34 per share, with a total value of $401,098.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at $853,400. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Carla Jean Bailo bought 310 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was acquired at an average price of $81.19 per share, with a total value of $25,168.90. Following the completion of the purchase, the director now directly owns 5,789 shares of the company’s stock, valued at $470,008.91. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brent Windom bought 4,700 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were purchased at an average cost of $85.34 per share, with a total value of $401,098.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $853,400. The disclosure for this purchase can be found here. Insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC bought a new stake in Advance Auto Parts in the 1st quarter valued at about $232,000. MetLife Investment Management LLC increased its position in Advance Auto Parts by 21.9% in the 1st quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock valued at $3,511,000 after buying an additional 3,046 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Advance Auto Parts by 5.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock valued at $1,727,000 after buying an additional 435 shares in the last quarter. Cibc World Market Inc. increased its position in Advance Auto Parts by 120.6% in the 1st quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock valued at $2,399,000 after buying an additional 6,338 shares in the last quarter. Finally, Blair William & Co. IL increased its holdings in Advance Auto Parts by 14.4% during the 1st quarter. Blair William & Co. IL now owns 4,620 shares of the company’s stock worth $956,000 after purchasing an additional 582 shares in the last quarter. Institutional investors own 88.75% of the company’s stock.

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.