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

Advance Auto Parts (NYSE:AAP) had its price objective reduced by Evercore ISI from $82.00 to $78.00 in a research note published on Tuesday, Marketbeat Ratings reports. They currently have an in-line rating on the stock.

AAP has been the topic of several other research reports. TheStreet raised Advance Auto Parts from a d+ rating to a c- rating in a research report on Monday, January 22nd. Barclays boosted their price target on Advance Auto Parts from $56.00 to $66.00 and gave the stock an equal weight rating in a research report on Thursday, February 29th. Royal Bank of Canada boosted their price target on Advance Auto Parts from $47.00 to $68.00 and gave the stock a sector perform rating in a research report on Thursday, February 29th. Mizuho initiated coverage on Advance Auto Parts in a research report on Tuesday, March 19th. They set a neutral rating and a $78.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on Advance Auto Parts from $55.00 to $68.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Two analysts have 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 MarketBeat.com, the stock has an average rating of Hold and an average target price of $70.18.

Advance Auto Parts Trading Up 2.2 %

NYSE:AAP opened at $71.60 on Tuesday. The business’s 50-day simple moving average is $73.84 and its 200-day simple moving average is $63.22. Advance Auto Parts has a fifty-two week low of $47.73 and a fifty-two week high of $129.90. The stock has a market capitalization of $4.27 billion, a PE ratio of 96.76, a price-to-earnings-growth ratio of 1.28 and a beta of 1.17. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.20 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.83). Advance Auto Parts had a net margin of 0.39% and a return on equity of 1.68%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the business posted $2.88 EPS. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts expect that Advance Auto Parts will post 3.94 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, April 26th. Investors of record on Friday, April 12th will be paid a $0.25 dividend. The ex-dividend date is Thursday, April 11th. This represents a $1.00 annualized dividend and a yield of 1.40%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 135.14%.

Insider Activity at Advance Auto Parts

In related news, EVP Herman L. Word, Jr. sold 1,858 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $86.08, for a total value of $159,936.64. Following the completion of the sale, the executive vice president now directly owns 10,448 shares in the company, valued at approximately $899,363.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Carla Jean Bailo bought 310 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was purchased at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the transaction, the director now owns 5,789 shares in the company, valued at approximately $470,008.91. The acquisition was disclosed in a legal filing with the SEC, which is available through 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 shares were sold at an average price of $86.08, for a total value of $159,936.64. Following the sale, the executive vice president now owns 10,448 shares of the company’s stock, 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.

Institutional Trading of Advance Auto Parts

A number of institutional investors have recently modified their holdings of AAP. Private Advisor Group LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter worth $232,000. MetLife Investment Management LLC raised its holdings in shares of Advance Auto Parts by 21.9% during the 1st quarter. MetLife Investment Management LLC now owns 16,965 shares of the company’s stock worth $3,511,000 after buying an additional 3,046 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Advance Auto Parts by 5.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,343 shares of the company’s stock worth $1,727,000 after buying an additional 435 shares in the last quarter. Cibc World Market Inc. raised its holdings in shares of Advance Auto Parts by 120.6% during the 1st quarter. Cibc World Market Inc. now owns 11,593 shares of the company’s stock worth $2,399,000 after buying an additional 6,338 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of 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 buying an additional 582 shares in the last quarter. 88.75% of the stock is currently owned by institutional investors.

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.