Advance Auto Parts (NYSE:AAP) Price Target Lowered to $35.00 at Evercore ISI

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price lowered by equities researchers at Evercore ISI from $37.00 to $35.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "in-line" rating on the stock. Evercore ISI's price objective would suggest a potential downside of 7.08% from the company's previous close.

AAP has been the topic of a number of other reports. BMO Capital Markets decreased their target price on Advance Auto Parts from $45.00 to $40.00 and set a "market perform" rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on Advance Auto Parts from $60.00 to $43.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Wells Fargo & Company lifted their target price on Advance Auto Parts from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. DA Davidson restated a "neutral" rating and issued a $45.00 target price on shares of Advance Auto Parts in a report on Friday, November 15th. Finally, UBS Group lifted their target price on Advance Auto Parts from $42.00 to $44.00 and gave the stock a "neutral" rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $45.13.

Remove Ads

Advance Auto Parts Price Performance

Shares of AAP traded up $1.15 during midday trading on Tuesday, reaching $37.67. The stock had a trading volume of 2,523,308 shares, compared to its average volume of 2,339,815. Advance Auto Parts has a 52 week low of $33.08 and a 52 week high of $88.56. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The firm's 50 day moving average price is $44.56 and its 200-day moving average price is $42.36. The company has a market capitalization of $2.25 billion, a P/E ratio of 51.60, a P/E/G ratio of 1.98 and a beta of 1.27.

Insider Activity at Advance Auto Parts

In related news, CEO Shane M. Okelly purchased 1,500 shares of Advance Auto Parts stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $36.79 per share, with a total value of $55,185.00. Following the completion of the transaction, the chief executive officer now directly owns 183,121 shares of the company's stock, valued at approximately $6,737,021.59. This represents a 0.83 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eugene I. Lee, Jr. purchased 14,640 shares of Advance Auto Parts stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $34.15 per share, with a total value of $499,956.00. Following the transaction, the director now directly owns 34,070 shares of the company's stock, valued at approximately $1,163,490.50. The trade was a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.35% of the company's stock.

Institutional Trading of Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in AAP. Versant Capital Management Inc lifted its position in shares of Advance Auto Parts by 207.4% during the 4th quarter. Versant Capital Management Inc now owns 541 shares of the company's stock worth $26,000 after purchasing an additional 365 shares during the last quarter. Allworth Financial LP lifted its position in shares of Advance Auto Parts by 1,543.4% during the 4th quarter. Allworth Financial LP now owns 871 shares of the company's stock worth $40,000 after purchasing an additional 818 shares during the last quarter. Vision Financial Markets LLC acquired a new position in shares of Advance Auto Parts during the 4th quarter worth about $42,000. Advisory Services Network LLC acquired a new position in shares of Advance Auto Parts during the 4th quarter worth about $46,000. Finally, GAMMA Investing LLC lifted its position in shares of Advance Auto Parts by 198.3% during the 4th quarter. GAMMA Investing LLC now owns 1,575 shares of the company's stock worth $74,000 after purchasing an additional 1,047 shares during the last quarter. Institutional investors and hedge funds 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.