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

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

AAP has been the topic of a number of other research reports. TheStreet raised Advance Auto Parts from a d+ rating to a c- rating in a report on Monday, January 22nd. JPMorgan Chase & Co. raised their price target on Advance Auto Parts from $55.00 to $68.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Royal Bank of Canada raised their price target on Advance Auto Parts from $47.00 to $68.00 and gave the stock a sector perform rating in a report on Thursday, February 29th. Barclays raised their price objective 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. Finally, Truist Financial raised their price objective 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 given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and a consensus target price of $69.88.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $85.09 on Tuesday. The firm has a market capitalization of $5.07 billion, a PE ratio of 114.99, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. The business’s fifty day moving average price is $70.77 and its 200 day moving average price is $61.32. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.20 and a quick ratio of 0.29. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $129.90.

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

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $1.00 annualized dividend and a yield of 1.18%. Advance Auto Parts’s payout ratio is currently 135.14%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Advance Auto Parts in the 4th quarter worth $6,158,000. Readystate Asset Management LP acquired a new position in Advance Auto Parts in the 4th quarter worth $1,567,000. Quarry LP lifted its holdings in Advance Auto Parts by 285.7% in the 4th quarter. Quarry LP now owns 702 shares of the company’s stock worth $43,000 after buying an additional 520 shares in the last quarter. FIL Ltd lifted its holdings in Advance Auto Parts by 9,807.5% in the 4th quarter. FIL Ltd now owns 161,790 shares of the company’s stock worth $9,874,000 after buying an additional 160,157 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in Advance Auto Parts by 2.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 24,864 shares of the company’s stock worth $1,517,000 after buying an additional 680 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.