Advance Auto Parts (NYSE:AAP) Earns “Market Perform” Rating from BMO Capital Markets

Advance Auto Parts (NYSE:AAP)‘s stock had its “market perform” rating reissued by equities researchers at BMO Capital Markets in a report released on Friday, Marketbeat Ratings reports. They presently have a $50.00 target price on the stock, up from their previous target price of $40.00. BMO Capital Markets’ target price would suggest a potential upside of 2.67% from the stock’s current price.

Other equities analysts have also issued reports about the company. Morgan Stanley upped their target price on Advance Auto Parts from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday. Truist Financial decreased their price objective on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Citigroup decreased their price objective on Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company set a $35.00 price target on Advance Auto Parts and gave the company an “equal weight” rating in a report on Monday, May 19th. Finally, Evercore ISI raised their target price on Advance Auto Parts from $35.00 to $45.00 and gave the stock an “in-line” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.71.

Advance Auto Parts Stock Down 1.0%

AAP stock opened at $48.70 on Friday. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 66.71, a PEG ratio of 1.98 and a beta of 0.93. Advance Auto Parts has a fifty-two week low of $28.89 and a fifty-two week high of $71.62. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The business’s fifty day moving average price is $34.63 and its two-hundred day moving average price is $40.39.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.59. The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.51 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business’s revenue for the quarter was down 24.2% on a year-over-year basis. During the same period last year, the firm posted $0.67 earnings per share. On average, equities analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insider Buying and Selling

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. purchased 14,640 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the purchase, the director now owns 34,070 shares of the company’s stock, valued at $1,163,490.50. This trade represents a 75.35% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shane M. Okelly purchased 1,500 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $36.79 per share, with a total value of $55,185.00. Following the purchase, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. This represents a 0.83% increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by insiders.

Institutional Trading of Advance Auto Parts

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc grew its stake in shares of Advance Auto Parts by 3.9% in the 4th quarter. CIBC Asset Management Inc now owns 5,865 shares of the company’s stock worth $277,000 after acquiring an additional 221 shares in the last quarter. Yousif Capital Management LLC raised its stake in Advance Auto Parts by 1.1% in the fourth quarter. Yousif Capital Management LLC now owns 26,258 shares of the company’s stock valued at $1,242,000 after purchasing an additional 281 shares in the last quarter. Central Pacific Bank Trust Division raised its stake in Advance Auto Parts by 10.0% in the first quarter. Central Pacific Bank Trust Division now owns 3,300 shares of the company’s stock valued at $129,000 after purchasing an additional 300 shares in the last quarter. Ingalls & Snyder LLC raised its stake in Advance Auto Parts by 5.0% in the fourth quarter. Ingalls & Snyder LLC now owns 6,680 shares of the company’s stock valued at $316,000 after purchasing an additional 317 shares in the last quarter. Finally, Sovran Advisors LLC raised its stake in Advance Auto Parts by 4.3% in the first quarter. Sovran Advisors LLC now owns 7,822 shares of the company’s stock valued at $307,000 after purchasing an additional 322 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.