UBS Group Issues Positive Forecast for Advance Auto Parts (NYSE:AAP) Stock Price

Advance Auto Parts (NYSE:AAP) had its target price raised by equities researchers at UBS Group from $42.00 to $44.00 in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 16.74% from the company’s previous close.

Several other analysts have also issued reports on AAP. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reduced their price target on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research report on Monday, November 11th. JPMorgan Chase & Co. lowered their price objective on 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. Wells Fargo & Company cut their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Finally, Roth Mkm reiterated a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 16th. One equities research 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 MarketBeat.com, Advance Auto Parts has a consensus rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Price Performance

AAP opened at $37.69 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $2.25 billion, a P/E ratio of 51.63, a PEG ratio of 1.33 and a beta of 1.17. The stock has a 50-day moving average price of $39.02 and a 200-day moving average price of $54.24. Advance Auto Parts has a 12-month low of $35.59 and a 12-month high of $88.56.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The business 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 quarter in the previous year, the business earned $1.43 earnings per share. Equities analysts predict that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC grew its position in shares of Advance Auto Parts by 212.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock worth $1,223,000 after buying an additional 21,320 shares during the period. BW Gestao de Investimentos Ltda. bought a new stake in Advance Auto Parts during the second quarter worth about $7,916,000. Renaissance Technologies LLC grew its holdings in Advance Auto Parts by 26.9% in the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after purchasing an additional 39,300 shares during the period. International Assets Investment Management LLC bought a new position in shares of Advance Auto Parts during the third quarter valued at approximately $17,477,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Advance Auto Parts by 31.0% during the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock valued at $14,740,000 after purchasing an additional 55,226 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.