Advance Auto Parts (NYSE:AAP) Stock Price Expected to Rise, TD Cowen Analyst Says

Advance Auto Parts (NYSE:AAP) had its price target hoisted by TD Cowen from $45.00 to $47.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen‘s price objective indicates a potential upside of 2.20% from the stock’s previous close.

Several other research firms have also commented on AAP. Truist Financial set a $43.00 price target on shares of Advance Auto Parts and gave the company a “hold” rating in a research report on Thursday, August 20th. Roth Capital set a $48.00 price objective on Advance Auto Parts in a research report on Friday, August 21st. Rothschild & Co Redburn lowered Advance Auto Parts from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $45.00 to $32.00 in a research report on Monday, October 26th. BMO Capital Markets reissued a “market perform” rating on shares of Advance Auto Parts in a research note on Friday, August 21st. Finally, Morgan Stanley reduced their target price on Advance Auto Parts from $65.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Advance Auto Parts has an average rating of “Hold” and a consensus price target of $47.50.

Advance Auto Parts Trading Up 1.1%

Advance Auto Parts stock traded up $0.49 during midday trading on Monday, hitting $45.99. 395,320 shares of the stock were exchanged, compared to its average volume of 1,854,011. The company has a current ratio of 1.63, a quick ratio of 0.80 and a debt-to-equity ratio of 1.34. The stock’s 50-day simple moving average is $43.30 and its 200 day simple moving average is $51.73. Advance Auto Parts has a fifty-two week low of $37.89 and a fifty-two week high of $65.20. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 0.87 and a beta of 1.02.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Thursday, November 5th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.02. Advance Auto Parts had a net margin of 1.16% and a return on equity of 9.41%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period in the previous year, the business posted $0.92 EPS. Advance Auto Parts’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts anticipate that Advance Auto Parts will post 2.94 EPS for the current year.

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its holdings in shares of Advance Auto Parts by 12.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 298,558 shares of the company’s stock worth $11,619,000 after acquiring an additional 33,555 shares during the last quarter. Maryland State Retirement & Pension System boosted its position in shares of Advance Auto Parts by 51.7% during the 3rd quarter. Maryland State Retirement & Pension System now owns 13,386 shares of the company’s stock worth $521,000 after purchasing an additional 4,562 shares during the period. Private Management Group Inc. increased its holdings in Advance Auto Parts by 25.1% in the 3rd quarter. Private Management Group Inc. now owns 581,659 shares of the company’s stock valued at $22,632,000 after purchasing an additional 116,523 shares during the last quarter. Fulcrum Asset Management LLP increased its holdings in Advance Auto Parts by 32,142.7% in the 3rd quarter. Fulcrum Asset Management LLP now owns 61,906 shares of the company’s stock valued at $2,460,000 after purchasing an additional 61,714 shares during the last quarter. Finally, CenterBook Partners LP raised its position in Advance Auto Parts by 120.8% in the third quarter. CenterBook Partners LP now owns 16,026 shares of the company’s stock valued at $624,000 after purchasing an additional 8,769 shares during the period. 88.70% of the stock is owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc is a retailer of automotive aftermarket parts, accessories and maintenance products. Its offerings include replacement parts, batteries, tools, fluids and other supplies for a range of vehicles.

The company serves both do-it-yourself customers and professional automotive repair shops through its stores, online channels and network of independent locations. Its retail banners include Advance Auto Parts and Carquest.

Advance Auto Parts traces its roots to 1932, when the business began in Roanoke, Virginia.