Truist Financial Has Lowered Expectations for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its target price lowered by stock analysts at Truist Financial from $41.00 to $39.00 in a report issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 3.48% from the company’s previous close.

AAP has been the subject of a number of other research reports. The Goldman Sachs Group lowered their price target on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a report on Friday. Roth Mkm reiterated a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a report on Wednesday, October 16th. Wedbush raised Advance Auto Parts from a “neutral” rating to an “outperform” rating and set a $55.00 target price on the stock in a research report on Tuesday, October 15th. Mizuho restated a “neutral” rating and issued a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Stock Down 8.5 %

Shares of AAP opened at $37.69 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.63, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The business’s 50 day simple moving average is $39.02 and its 200-day simple moving average is $54.24.

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

Institutional Trading of Advance Auto Parts

Large investors have recently modified their holdings of the company. Savoie Capital LLC increased its holdings in Advance Auto Parts by 117.2% during the 3rd quarter. Savoie Capital LLC now owns 69,500 shares of the company’s stock worth $2,710,000 after purchasing an additional 37,500 shares during the period. XTX Topco Ltd purchased a new position in shares of Advance Auto Parts during the third quarter valued at $503,000. Redwood Investment Management LLC increased its stake in shares of Advance Auto Parts by 26.4% during the third quarter. Redwood Investment Management LLC now owns 10,858 shares of the company’s stock valued at $449,000 after buying an additional 2,269 shares during the period. Maple Rock Capital Partners Inc. bought a new position in Advance Auto Parts during the 3rd quarter worth about $9,046,000. Finally, Invenomic Capital Management LP bought a new position in Advance Auto Parts during the 3rd quarter worth about $3,342,000. Hedge funds and other 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.