Advance Auto Parts (NYSE:AAP) Given New $34.00 Price Target at Truist Financial

Advance Auto Parts (NYSE:AAP) had its price target decreased by stock analysts at Truist Financial from $39.00 to $34.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential downside of 7.86% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Barclays reduced their price target on Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Citigroup increased their price objective on Advance Auto Parts from $44.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. Royal Bank of Canada reduced their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research report on Monday, November 11th. Finally, Wells Fargo & Company upped their price target on shares of Advance Auto Parts from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $46.69.

Advance Auto Parts Stock Performance

NYSE AAP opened at $36.90 on Thursday. The stock has a market cap of $2.20 billion, a PE ratio of 50.55, a P/E/G ratio of 1.98 and a beta of 1.15. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The firm has a 50-day moving average of $46.01 and a 200-day moving average of $43.88. Advance Auto Parts has a 52-week low of $35.59 and a 52-week high of $88.56.

Insider Activity

In other news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the sale, the executive vice president now directly owns 24,266 shares in the company, valued at approximately $1,069,159.96. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Advance Auto Parts by 34.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,685,541 shares of the company’s stock worth $316,160,000 after purchasing an additional 1,706,328 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Advance Auto Parts by 11.2% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 3,449,554 shares of the company’s stock worth $163,129,000 after purchasing an additional 347,587 shares during the last quarter. Pzena Investment Management LLC increased its stake in shares of Advance Auto Parts by 12.5% in the fourth quarter. Pzena Investment Management LLC now owns 3,270,897 shares of the company’s stock valued at $154,681,000 after buying an additional 362,239 shares during the period. Dimensional Fund Advisors LP raised its holdings in Advance Auto Parts by 12.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,728,289 shares of the company’s stock valued at $129,016,000 after buying an additional 297,741 shares during the last quarter. Finally, Eminence Capital LP acquired a new stake in Advance Auto Parts during the 4th quarter worth approximately $87,214,000. 88.75% of the stock is currently owned by institutional investors.

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.