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

Advance Auto Parts (NYSE:AAP) had its target price decreased by Evercore ISI from $82.00 to $78.00 in a research note released on Tuesday morning, MarketBeat Ratings reports. Evercore ISI currently has an in-line rating on the stock.

A number of other equities research analysts have also recently weighed in on AAP. TheStreet upgraded shares of Advance Auto Parts from a d+ rating to a c- rating in a research report on Monday, January 22nd. Royal Bank of Canada lifted 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 report on Thursday, February 29th. Mizuho started coverage on shares of Advance Auto Parts in a research report on Tuesday, March 19th. They set a neutral rating and a $78.00 price target for the company. Barclays lifted 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 report on Thursday, February 29th. Finally, Truist Financial lifted their price objective on shares of Advance Auto Parts from $60.00 to $70.00 and gave the company a hold rating in a report on Tuesday, April 2nd. 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. According to MarketBeat.com, Advance Auto Parts presently has a consensus rating of Hold and a consensus price target of $70.18.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $71.60 on Tuesday. The company’s 50-day moving average price is $73.84 and its 200-day moving average price is $63.22. The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. The company has a market cap of $4.27 billion, a P/E ratio of 96.76, a P/E/G ratio of 1.28 and a beta of 1.17. Advance Auto Parts has a twelve month low of $47.73 and a twelve month high of $129.90.

Advance Auto Parts (NYSE:AAP) last issued its earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the firm earned $2.88 earnings per share. Advance Auto Parts’s revenue for the quarter was down .4% on a year-over-year basis. On average, sell-side analysts forecast that Advance Auto Parts will post 3.94 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.00 annualized dividend and a yield of 1.40%. Advance Auto Parts’s dividend payout ratio is currently 135.14%.

Insider Buying and Selling at Advance Auto Parts

In other news, Director Carla Jean Bailo acquired 310 shares of the company’s stock in a transaction on Monday, March 18th. The shares were bought at an average cost of $81.19 per share, with a total value of $25,168.90. Following the purchase, the director now owns 5,789 shares of the company’s stock, valued at approximately $470,008.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Carla Jean Bailo purchased 310 shares of the stock in a transaction dated Monday, March 18th. The shares were acquired at an average cost of $81.19 per share, with a total value of $25,168.90. Following the purchase, the director now directly owns 5,789 shares in the company, valued at approximately $470,008.91. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Herman L. Word, Jr. sold 1,858 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $86.08, for a total transaction of $159,936.64. Following the transaction, the executive vice president now directly owns 10,448 shares in the company, valued at $899,363.84. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. grew its stake in Advance Auto Parts by 2,226.6% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 2,026,668 shares of the company’s stock valued at $113,352,000 after acquiring an additional 1,939,560 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Advance Auto Parts by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,958,241 shares of the company’s stock valued at $241,573,000 after acquiring an additional 1,370,550 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in Advance Auto Parts in the 3rd quarter valued at about $73,882,000. Federated Hermes Inc. grew its stake in Advance Auto Parts by 2,716,800.0% in the 4th quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock valued at $51,402,000 after acquiring an additional 842,208 shares during the last quarter. Finally, State Street Corp grew its stake in Advance Auto Parts by 28.2% in the 1st quarter. State Street Corp now owns 3,431,787 shares of the company’s stock valued at $417,340,000 after acquiring an additional 754,027 shares during the last quarter. 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.