Truist Financial Cuts Advance Auto Parts (NYSE:AAP) Price Target to $55.00

Advance Auto Parts (NYSE:AAP) had its price target reduced by Truist Financial from $57.00 to $55.00 in a research report report published on Wednesday, MarketBeat reports. They currently have a hold rating on the stock.

Several other research analysts have also recently weighed in on AAP. Wells Fargo & Company boosted their price objective on shares of Advance Auto Parts from $40.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 11th. Citigroup boosted their price objective on shares of Advance Auto Parts from $55.00 to $57.00 and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group restated a “neutral” rating on shares of Advance Auto Parts in a research report on Monday, February 9th. Roth Mkm restated a “neutral” rating and issued a $57.00 price objective on shares of Advance Auto Parts in a research report on Thursday, February 19th. Finally, Royal Bank Of Canada dropped their price objective on shares of Advance Auto Parts from $63.00 to $62.00 and set a “sector perform” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Reduce” and an average price target of $52.72.

Advance Auto Parts Stock Performance

NYSE:AAP opened at $47.17 on Wednesday. Advance Auto Parts has a 1 year low of $31.28 and a 1 year high of $70.00. The firm has a 50 day moving average of $53.72 and a 200-day moving average of $50.41. The company has a current ratio of 1.75, a quick ratio of 0.87 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $2.85 billion, a P/E ratio of 64.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.06.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Friday, February 13th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.45. Advance Auto Parts had a net margin of 0.51% and a return on equity of 6.23%. The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the previous year, the company posted ($10.16) earnings per share. Advance Auto Parts’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Advance Auto Parts will post 2.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently made changes to their positions in AAP. American Century Companies Inc. grew its holdings in shares of Advance Auto Parts by 559.0% in the 3rd quarter. American Century Companies Inc. now owns 1,519,591 shares of the company’s stock valued at $93,303,000 after buying an additional 1,288,986 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Advance Auto Parts by 18.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,474,546 shares of the company’s stock valued at $293,751,000 after buying an additional 1,190,094 shares during the period. Maple Rock Capital Partners Inc. grew its holdings in shares of Advance Auto Parts by 508.2% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 951,790 shares of the company’s stock valued at $58,440,000 after buying an additional 795,290 shares during the period. Wellington Management Group LLP acquired a new position in shares of Advance Auto Parts in the 3rd quarter valued at $33,610,000. Finally, Private Management Group Inc. acquired a new position in shares of Advance Auto Parts in the 4th quarter valued at $20,123,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.