Advance Auto Parts (NYSE:AAP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Advance Auto Parts (NYSE:AAP) had its target price raised by equities research analysts at Morgan Stanley from $48.00 to $55.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential downside of 3.29% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. UBS Group set a $65.00 price objective on Advance Auto Parts and gave the company a “neutral” rating in a research report on Tuesday. Citigroup set a $60.00 target price on shares of Advance Auto Parts in a research note on Thursday. 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. Wall Street Zen cut shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Sunday, June 29th. Finally, Wells Fargo & Company restated an “equal weight” rating on shares of Advance Auto Parts in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $51.01.

Advance Auto Parts Trading Up 0.0%

Shares of AAP stock opened at $56.87 on Friday. Advance Auto Parts has a 1 year low of $28.89 and a 1 year high of $70.00. The firm has a fifty day moving average price of $55.15 and a 200-day moving average price of $44.66. 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 company has a market cap of $3.41 billion, a price-to-earnings ratio of -8.93 and a beta of 1.05.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Thursday, August 14th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Advance Auto Parts had a negative return on equity of 1.97% and a negative net margin of 4.37%. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the firm earned $0.75 EPS. Advance Auto Parts’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, equities analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current year.

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, SVP Jason Hand sold 948 shares of the firm’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 completion of the transaction, the senior vice president owned 9,876 shares in the company, valued at $479,183.52. This trade represents a 8.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.35% of the company’s stock.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently modified their holdings of AAP. Cerity Partners LLC grew its holdings in shares of Advance Auto Parts by 122.1% in the fourth quarter. Cerity Partners LLC now owns 16,015 shares of the company’s stock valued at $744,000 after purchasing an additional 8,804 shares in the last quarter. Invesco Ltd. lifted its position in Advance Auto Parts by 5.4% during the fourth quarter. Invesco Ltd. now owns 517,818 shares of the company’s stock valued at $24,488,000 after purchasing an additional 26,419 shares during the last quarter. Advisory Services Network LLC bought a new position in Advance Auto Parts during the fourth quarter valued at $46,000. Sterling Capital Management LLC grew its stake in shares of Advance Auto Parts by 52.5% in the 4th quarter. Sterling Capital Management LLC now owns 3,567 shares of the company’s stock worth $169,000 after buying an additional 1,228 shares in the last quarter. Finally, Mariner LLC bought a new stake in shares of Advance Auto Parts in the 4th quarter worth about $263,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.