Evercore ISI Issues Positive Forecast for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its price objective increased by Evercore ISI from $56.00 to $58.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an in-line rating on the stock.

Several other research analysts also recently weighed in on the stock. Citigroup upped their target price on shares of Advance Auto Parts from $49.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Redburn Atlantic upgraded shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and upped their target price for the company from $28.00 to $45.00 in a research note on Tuesday, June 3rd. Roth Capital set a $50.00 price target on shares of Advance Auto Parts and gave the company a “neutral” rating in a report on Wednesday, May 28th. Morgan Stanley upped their price target on shares of Advance Auto Parts from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, May 23rd. Finally, DA Davidson upped their price target on shares of Advance Auto Parts from $47.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $49.82.

Advance Auto Parts Price Performance

Shares of AAP stock opened at $59.16 on Tuesday. The company has a market capitalization of $3.55 billion, a PE ratio of -10.08 and a beta of 1.05. The firm has a fifty day simple moving average of $54.76 and a 200-day simple moving average of $44.46. The company has a current ratio of 1.27, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. Advance Auto Parts has a twelve month low of $28.89 and a twelve month high of $70.00.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.59. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.51 billion. Advance Auto Parts had a negative net margin of 3.74% and a negative return on equity of 1.76%. The business’s quarterly revenue was down 24.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 earnings per share. Equities research analysts anticipate that Advance Auto Parts will post -0.46 earnings per share for the current fiscal year.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 11th. Advance Auto Parts’s dividend payout ratio is -17.04%.

Insider Buying and Selling at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $48.52, for a total transaction of $45,996.96. Following the sale, the senior vice president directly owned 9,876 shares of the company’s stock, valued at approximately $479,183.52. This represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently bought and sold shares of the company. Boston Partners lifted its position in Advance Auto Parts by 141.5% in the 2nd quarter. Boston Partners now owns 41,891 shares of the company’s stock valued at $1,948,000 after purchasing an additional 24,545 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in Advance Auto Parts in the 2nd quarter valued at about $285,000. Prudential Financial Inc. lifted its position in Advance Auto Parts by 8.6% in the 2nd quarter. Prudential Financial Inc. now owns 62,452 shares of the company’s stock valued at $2,903,000 after purchasing an additional 4,939 shares during the last quarter. Segall Bryant & Hamill LLC lifted its position in Advance Auto Parts by 0.4% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 790,824 shares of the company’s stock valued at $36,765,000 after purchasing an additional 3,265 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in Advance Auto Parts by 30.4% in the 2nd quarter. Rhumbline Advisers now owns 182,171 shares of the company’s stock valued at $8,469,000 after purchasing an additional 42,494 shares during 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.