Wells Fargo & Company Lowers Advance Auto Parts (NYSE:AAP) Price Target to $60.00

Advance Auto Parts (NYSE:AAP) had its target price reduced by equities researchers at Wells Fargo & Company from $70.00 to $60.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 2.74% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley decreased their price target on Advance Auto Parts from $75.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Friday, October 27th. TD Cowen started coverage on Advance Auto Parts in a research report on Tuesday, October 10th. They set a “market perform” rating and a $55.00 price target on the stock. Stephens decreased their price target on Advance Auto Parts from $77.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, August 25th. The Goldman Sachs Group decreased their price target on Advance Auto Parts from $90.00 to $83.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 23rd. Finally, Royal Bank of Canada cut their price objective on Advance Auto Parts from $84.00 to $70.00 and set a “sector perform” rating for the company in a report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $89.25.

Advance Auto Parts Trading Up 4.4 %

Shares of Advance Auto Parts stock opened at $58.40 on Monday. Advance Auto Parts has a 52-week low of $47.73 and a 52-week high of $185.94. The stock’s 50-day simple moving average is $55.19 and its 200 day simple moving average is $72.23. The stock has a market capitalization of $3.47 billion, a P/E ratio of 10.10, a P/E/G ratio of 1.06 and a beta of 1.14. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.25 and a current ratio of 1.26.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Wednesday, August 23rd. The company reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.23). Advance Auto Parts had a net margin of 3.08% and a return on equity of 17.53%. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the prior year, the firm posted $3.74 earnings per share. The company’s revenue was up .8% on a year-over-year basis. As a group, research analysts anticipate that Advance Auto Parts will post 4.63 EPS for the current year.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. purchased 8,670 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was bought at an average price of $57.65 per share, with a total value of $499,825.50. Following the completion of the purchase, the director now directly owns 19,430 shares of the company’s stock, valued at approximately $1,120,139.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.63% of the company’s stock.

Institutional Trading of Advance Auto Parts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AAP. Covestor Ltd lifted its position in Advance Auto Parts by 113.7% during the first quarter. Covestor Ltd now owns 156 shares of the company’s stock valued at $32,000 after buying an additional 83 shares during the period. Clear Street Markets LLC lifted its position in Advance Auto Parts by 245.9% during the first quarter. Clear Street Markets LLC now owns 211 shares of the company’s stock valued at $26,000 after buying an additional 150 shares during the period. Ameritas Advisory Services LLC purchased a new position in Advance Auto Parts during the first quarter valued at $29,000. Scissortail Wealth Management LLC purchased a new position in shares of Advance Auto Parts in the 1st quarter worth about $5,410,371,000. Finally, Industrial Alliance Investment Management Inc. raised its position in shares of Advance Auto Parts by 469.4% in the 4th quarter. Industrial Alliance Investment Management Inc. now owns 353 shares of the company’s stock worth $52,000 after purchasing an additional 291 shares during the last quarter. Hedge funds and other 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.