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

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

A number of other brokerages have also recently issued reports on AAP. William Blair reissued a market perform rating on shares of Advance Auto Parts in a report on Wednesday, December 13th. Mizuho assumed coverage on shares of Advance Auto Parts in a report on Tuesday, March 19th. They issued a neutral rating and a $78.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Advance Auto Parts from $55.00 to $68.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Truist Financial raised their target price on shares of Advance Auto Parts from $53.00 to $60.00 and gave the stock a hold rating in a report on Thursday, February 29th. Finally, TheStreet raised Advance Auto Parts from a d+ rating to a c- rating in a report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Advance Auto Parts currently has an average rating of Hold and a consensus price target of $69.88.

Advance Auto Parts Stock Performance

Shares of AAP stock opened at $85.09 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.29 and a current ratio of 1.20. Advance Auto Parts has a one year low of $47.73 and a one year high of $129.90. The company’s 50-day simple moving average is $71.20 and its 200-day simple moving average is $61.48. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 114.99, a PEG ratio of 1.54 and a beta of 1.14.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of $0.24 by ($0.83). Advance Auto Parts had a return on equity of 1.68% and a net margin of 0.39%. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the previous year, the business posted $2.88 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. Equities analysts anticipate that Advance Auto Parts will post 3.95 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

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

Insider Activity at Advance Auto Parts

In other Advance Auto Parts news, EVP Herman L. Word, Jr. sold 1,858 shares of Advance Auto Parts stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $86.08, for a total value of $159,936.64. Following the transaction, the executive vice president now owns 10,448 shares in the company, valued at $899,363.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Advance Auto Parts news, EVP Herman L. Word, Jr. sold 1,858 shares of Advance Auto Parts stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $86.08, for a total value of $159,936.64. Following the transaction, the executive vice president now owns 10,448 shares in the company, valued at $899,363.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brent Windom purchased 4,700 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was acquired at an average price of $85.34 per share, for a total transaction of $401,098.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $853,400. The disclosure for this purchase can be found here. Company insiders own 0.63% of the company’s stock.

Hedge Funds Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in AAP. Allworth Financial LP grew its position in Advance Auto Parts by 190.0% during the 4th quarter. Allworth Financial LP now owns 406 shares of the company’s stock worth $25,000 after purchasing an additional 266 shares in the last quarter. Dagco Inc. bought a new stake in Advance Auto Parts in the fourth quarter worth $25,000. Clear Street Markets LLC boosted its holdings in Advance Auto Parts by 245.9% in the first quarter. Clear Street Markets LLC now owns 211 shares of the company’s stock worth $26,000 after purchasing an additional 150 shares in the last quarter. Principal Securities Inc. bought a new stake in Advance Auto Parts in the fourth quarter worth $27,000. Finally, UniSuper Management Pty Ltd bought a new stake in Advance Auto Parts in the second quarter worth $28,000. 88.75% of the stock is currently 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.