BMO Capital Markets Initiates Coverage on Advance Auto Parts (NYSE:AAP)

Stock analysts at BMO Capital Markets initiated coverage on shares of Advance Auto Parts (NYSE:AAP) in a report issued on Friday, Marketbeat Ratings reports. The firm set a “market perform” rating and a $45.00 price target on the stock. BMO Capital Markets’ target price would suggest a potential upside of 2.60% from the stock’s current price.

AAP has been the topic of several other reports. Royal Bank of Canada cut their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a report on Monday, November 11th. Truist Financial cut their target price on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research note on Friday, November 15th. TD Cowen decreased their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. DA Davidson reaffirmed a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a research report on Friday, November 15th. Finally, Mizuho reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.40.

Advance Auto Parts Stock Performance

Advance Auto Parts stock opened at $43.86 on Friday. The company’s 50-day moving average price is $40.24 and its 200-day moving average price is $50.00. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The company has a market cap of $2.62 billion, a PE ratio of 60.08 and a beta of 1.21. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.82) earnings per share. On average, equities research analysts forecast that Advance Auto Parts will post -0.54 EPS for the current fiscal year.

Insider Activity at Advance Auto Parts

In related news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $44.06, for a total transaction of $56,220.56. Following the sale, the executive vice president now owns 24,266 shares of the company’s stock, valued at $1,069,159.96. This trade represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Advance Auto Parts during the 3rd quarter worth approximately $14,684,000. Wolverine Asset Management LLC increased its position in shares of Advance Auto Parts by 212.4% during the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after purchasing an additional 21,320 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Advance Auto Parts during the 3rd quarter valued at $579,000. BW Gestao de Investimentos Ltda. acquired a new stake in shares of Advance Auto Parts in the 2nd quarter worth $7,916,000. Finally, FORA Capital LLC purchased a new position in Advance Auto Parts during the 3rd quarter worth $2,144,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.