Royal Bank of Canada Cuts Advance Auto Parts (NYSE:AAP) Price Target to $44.00

Advance Auto Parts (NYSE:AAP) had its price objective dropped by stock analysts at Royal Bank of Canada from $50.00 to $44.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 19.24% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Evercore ISI lifted their price target on shares of Advance Auto Parts from $45.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, November 20th. Wells Fargo & Company lifted their target price on shares of Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. UBS Group boosted their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. The Goldman Sachs Group reduced their price objective on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Truist Financial lowered their target price on Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.69.

Advance Auto Parts Price Performance

AAP opened at $36.90 on Thursday. The stock has a market capitalization of $2.20 billion, a P/E ratio of 50.55, a PEG ratio of 1.98 and a beta of 1.15. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69. Advance Auto Parts has a 12-month low of $35.59 and a 12-month high of $88.56. The stock has a 50-day moving average price of $46.01 and a 200-day moving average price of $43.88.

Insider Activity at Advance Auto Parts

In other news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the completion of the sale, the executive vice president now directly owns 24,266 shares of the company’s stock, 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 the SEC website. 0.35% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Advance Auto Parts

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

Advance Auto Parts Company Profile

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.