Advance Auto Parts (NYSE:AAP) Price Target Raised to $52.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP) had its target price raised by Evercore ISI from $50.00 to $52.00 in a research report report published on Tuesday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

AAP has been the topic of several other reports. Wedbush reiterated an “outperform” rating and set a $55.00 target price on shares of Advance Auto Parts in a research note on Monday, March 3rd. BMO Capital Markets reaffirmed a “market perform” rating and set a $50.00 price objective (up from $40.00) on shares of Advance Auto Parts in a research report on Friday, May 23rd. Bank of America lifted their price objective on Advance Auto Parts from $33.00 to $39.00 and gave the stock an “underperform” rating in a report on Friday, May 23rd. Truist Financial lowered their target price on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, Redburn Partners upgraded shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a research note on Tuesday, June 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.25.

Advance Auto Parts Trading Down 7.0%

AAP opened at $48.29 on Tuesday. Advance Auto Parts has a one year low of $28.89 and a one year high of $65.19. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.27 and a quick ratio of 0.49. The business has a 50 day simple moving average of $41.04 and a two-hundred day simple moving average of $41.74. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -8.23 and a beta of 1.06.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, May 22nd. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.59. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the business earned $0.67 EPS. The company’s revenue for the quarter was down 24.2% on a year-over-year basis. Analysts predict that Advance Auto Parts will post -0.46 EPS for the current year.

Advance Auto Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, July 11th. Advance Auto Parts’s payout ratio is -17.04%.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $48.52, for a total transaction of $45,996.96. Following the sale, the senior vice president now directly owns 9,876 shares of the company’s stock, valued at $479,183.52. The trade was a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors have recently made changes to their positions in AAP. Allworth Financial LP raised its holdings in shares of Advance Auto Parts by 1,543.4% in the fourth quarter. Allworth Financial LP now owns 871 shares of the company’s stock worth $40,000 after buying an additional 818 shares during the period. Principal Financial Group Inc. increased its stake in Advance Auto Parts by 2.4% in the fourth quarter. Principal Financial Group Inc. now owns 287,732 shares of the company’s stock worth $13,607,000 after purchasing an additional 6,867 shares during the period. CIBC Asset Management Inc lifted its position in shares of Advance Auto Parts by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 5,865 shares of the company’s stock worth $277,000 after purchasing an additional 221 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Advance Auto Parts by 30.4% during the fourth quarter. Truist Financial Corp now owns 15,961 shares of the company’s stock valued at $755,000 after purchasing an additional 3,722 shares during the period. Finally, Ieq Capital LLC purchased a new stake in shares of Advance Auto Parts during the fourth quarter valued at $910,000. Institutional investors own 88.75% of the company’s stock.

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.