Truist Financial Has Lowered Expectations for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its price target cut by equities researchers at Truist Financial from $41.00 to $39.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential upside of 1.35% from the stock’s previous close.

A number of other brokerages have also weighed in on AAP. Roth Mkm restated a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. Wedbush raised shares of Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research report on Tuesday, October 15th. UBS Group upped their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday. The Goldman Sachs Group decreased their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a report on Friday. Finally, TD Cowen cut their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Advance Auto Parts currently has an average rating of “Hold” and an average price target of $49.46.

Advance Auto Parts Stock Down 6.6 %

NYSE:AAP traded down $2.72 during trading hours on Friday, hitting $38.48. The stock had a trading volume of 585,019 shares, compared to its average volume of 2,029,904. The business has a 50 day simple moving average of $39.06 and a two-hundred day simple moving average of $54.63. Advance Auto Parts has a 1-year low of $35.59 and a 1-year high of $88.56. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The company has a market cap of $2.30 billion, a PE ratio of 3,848.00, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.43 EPS. Analysts predict that Advance Auto Parts will post 2.19 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in Advance Auto Parts during the first quarter valued at about $34,000. Mather Group LLC. lifted its holdings in Advance Auto Parts by 1,241.7% in the 2nd 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. Ashton Thomas Private Wealth LLC bought a new position in shares of Advance Auto Parts during the 2nd quarter valued at about $41,000. Blue Trust Inc. grew its stake in shares of Advance Auto Parts by 98.7% in the 2nd quarter. Blue Trust Inc. now owns 769 shares of the company’s stock worth $49,000 after purchasing an additional 382 shares during the last quarter. Finally, AM Squared Ltd bought a new stake in shares of Advance Auto Parts in the 2nd quarter worth approximately $63,000. 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.