Evercore ISI Lowers Advance Auto Parts (NYSE:AAP) Price Target to $67.00

Advance Auto Parts (NYSE:AAP) had its price target decreased by Evercore ISI from $71.00 to $67.00 in a research note released on Tuesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price target on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Wedbush upgraded Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 price objective on the stock in a research report on Tuesday, October 15th. Finally, Mizuho reissued a “neutral” rating and set a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $55.86.

Advance Auto Parts Stock Performance

Shares of AAP opened at $36.73 on Tuesday. The stock has a 50 day moving average of $42.19 and a 200 day moving average of $58.24. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 53.23, a PEG ratio of 1.25 and a beta of 1.16. Advance Auto Parts has a 12 month low of $36.40 and a 12 month 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.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The firm’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 earnings per share. As a group, sell-side analysts forecast that Advance Auto Parts will post 2.19 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were issued a $0.25 dividend. The ex-dividend date was Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.72%. Advance Auto Parts’s payout ratio is 144.93%.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently made changes to their positions in the business. Mattern Capital Management LLC boosted its holdings in Advance Auto Parts by 67.7% during the 3rd quarter. Mattern Capital Management LLC now owns 7,754 shares of the company’s stock valued at $302,000 after acquiring an additional 3,130 shares during the period. Arkadios Wealth Advisors grew its holdings in shares of Advance Auto Parts by 225.0% in the third quarter. Arkadios Wealth Advisors now owns 17,269 shares of the company’s stock worth $673,000 after purchasing an additional 11,956 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Advance Auto Parts in the third quarter worth $17,477,000. Lecap Asset Management Ltd. purchased a new position in shares of Advance Auto Parts in the third quarter worth $3,304,000. Finally, Everence Capital Management Inc. raised its holdings in Advance Auto Parts by 3.7% during the 3rd quarter. Everence Capital Management Inc. now owns 8,330 shares of the company’s stock valued at $325,000 after buying an additional 300 shares during the last quarter. Institutional investors own 88.75% of the company’s stock.

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.