Advance Auto Parts (NYSE:AAP) Given Neutral Rating at Wedbush

Advance Auto Parts (NYSE:AAP)‘s stock had its “neutral” rating reissued by stock analysts at Wedbush in a note issued to investors on Friday, Benzinga reports. They presently have a $65.00 price target on the stock. Wedbush’s target price suggests a potential upside of 7.83% from the company’s previous close.

AAP has been the subject of a number of other research reports. Bank of America upped their price objective on shares of Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a research report on Thursday, May 30th. Mizuho cut their price objective on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Royal Bank of Canada decreased their price objective on Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a research report on Thursday, May 30th. UBS Group raised their target price on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Truist Financial reduced their price target on shares of Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and fifteen have given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.29.

Advance Auto Parts Trading Down 1.1 %

NYSE:AAP traded down $0.64 during mid-day trading on Friday, hitting $60.28. The company had a trading volume of 43,631 shares, compared to its average volume of 1,636,734. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.29 and a current ratio of 1.22. Advance Auto Parts has a fifty-two week low of $47.73 and a fifty-two week high of $88.56. The firm has a market cap of $3.59 billion, a P/E ratio of 87.43, a P/E/G ratio of 1.20 and a beta of 1.20. The business’s fifty day moving average is $62.32 and its two-hundred day moving average is $69.18.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.72 earnings per share. As a group, research analysts expect that Advance Auto Parts will post 3.7 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allworth Financial LP raised its stake in shares of 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. Principal Securities Inc. bought a new position in shares of Advance Auto Parts in the fourth quarter valued at $27,000. Hexagon Capital Partners LLC increased its holdings in Advance Auto Parts by 267.7% during the first quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after buying an additional 257 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Advance Auto Parts during the first quarter worth $34,000. Finally, Mather Group LLC. lifted its stake in Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after acquiring an additional 596 shares during the last quarter. 88.75% of the stock is owned by institutional investors and hedge funds.

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.