Evercore ISI Raises Advance Auto Parts (NYSE:AAP) Price Target to $83.00

Advance Auto Parts (NYSE:AAP) had its price objective hoisted by Evercore ISI from $74.00 to $83.00 in a research note released on Tuesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other analysts have also weighed in on AAP. Barclays lifted their target price on shares of Advance Auto Parts from $56.00 to $66.00 and gave the company an equal weight rating in a research report on Thursday, February 29th. Mizuho began coverage on shares of Advance Auto Parts in a research report on Tuesday, March 19th. They set a neutral rating and a $78.00 target price on the stock. Royal Bank of Canada lifted their target price on shares of Advance Auto Parts from $47.00 to $68.00 and gave the company a sector perform rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. lifted their target price on shares of Advance Auto Parts from $55.00 to $68.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Finally, Truist Financial lifted their target price on shares of Advance Auto Parts from $53.00 to $60.00 and gave the company a hold rating in a research report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $69.88.

Advance Auto Parts Stock Down 0.3 %

Advance Auto Parts stock opened at $85.09 on Tuesday. Advance Auto Parts has a 1-year low of $47.73 and a 1-year high of $129.90. The firm’s fifty day simple moving average is $71.20 and its 200-day simple moving average is $61.48. The company has a current ratio of 1.20, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $5.07 billion, a P/E ratio of 114.99, a P/E/G ratio of 1.54 and a beta of 1.14.

Advance Auto Parts (NYSE:AAP) last posted 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 quarter in the previous year, the business posted $2.88 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts forecast that Advance Auto Parts will post 3.95 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Thursday, April 11th. Advance Auto Parts’s dividend payout ratio is presently 135.14%.

Insider Transactions at Advance Auto Parts

In other news, Director Carla Jean Bailo purchased 310 shares of the company’s stock in a transaction on Monday, March 18th. The shares were purchased at an average cost of $81.19 per share, with a total value of $25,168.90. Following the completion of the transaction, the director now owns 5,789 shares of the company’s stock, valued at approximately $470,008.91. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Brent Windom acquired 4,700 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were bought at an average cost of $85.34 per share, with a total value of $401,098.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $853,400. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carla Jean Bailo acquired 310 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was bought at an average cost of $81.19 per share, for a total transaction of $25,168.90. Following the completion of the transaction, the director now directly owns 5,789 shares of the company’s stock, valued at $470,008.91. The disclosure for this purchase can be found here. 0.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Advance Auto Parts

Several large investors have recently modified their holdings of the stock. Covestor Ltd grew its stake in Advance Auto Parts by 113.7% during the first quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after buying an additional 83 shares in the last quarter. Clear Street Markets LLC grew its stake in Advance Auto Parts by 245.9% during the first quarter. Clear Street Markets LLC now owns 211 shares of the company’s stock worth $26,000 after buying an additional 150 shares in the last quarter. Industrial Alliance Investment Management Inc. grew its stake in Advance Auto Parts by 469.4% during the fourth quarter. Industrial Alliance Investment Management Inc. now owns 353 shares of the company’s stock worth $52,000 after buying an additional 291 shares in the last quarter. UniSuper Management Pty Ltd bought a new position in shares of Advance Auto Parts in the second quarter worth about $28,000. Finally, Allworth Financial LP lifted its holdings in shares of Advance Auto Parts by 190.0% in the fourth quarter. Allworth Financial LP now owns 406 shares of the company’s stock worth $25,000 after acquiring an additional 266 shares during the last quarter. 88.75% of the stock is 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.