Advance Auto Parts (NYSE:AAP) Given New $59.00 Price Target at JPMorgan Chase & Co.

Advance Auto Parts (NYSE:AAP) had its target price decreased by JPMorgan Chase & Co. from $64.00 to $59.00 in a research note released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other research firms also recently issued reports on AAP. Roth Mkm restated a “neutral” rating and set a $57.00 price target on shares of Advance Auto Parts in a research note on Thursday, February 19th. Royal Bank Of Canada dropped their price target on Advance Auto Parts from $63.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Morgan Stanley set a $60.00 price target on Advance Auto Parts in a research note on Tuesday, February 17th. BMO Capital Markets raised their price target on Advance Auto Parts from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 17th. Finally, Wells Fargo & Company lifted their target price on Advance Auto Parts from $40.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Advance Auto Parts currently has an average rating of “Reduce” and an average target price of $52.72.

Advance Auto Parts Trading Down 5.1%

NYSE:AAP opened at $47.17 on Friday. The stock’s 50 day moving average price is $53.72 and its 200 day moving average price is $50.41. The company has a market capitalization of $2.85 billion, a PE ratio of 64.62, a P/E/G ratio of 0.87 and a beta of 1.06. The company has a quick ratio of 0.87, a current ratio of 1.75 and a debt-to-equity ratio of 1.55. Advance Auto Parts has a 52-week low of $31.28 and a 52-week high of $70.00.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Friday, February 13th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.45. The firm had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.95 billion. Advance Auto Parts had a return on equity of 6.23% and a net margin of 0.51%.The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the business posted ($10.16) EPS. On average, research analysts anticipate that Advance Auto Parts will post 2.76 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AAP. American Century Companies Inc. grew its stake in shares of Advance Auto Parts by 559.0% in the 3rd quarter. American Century Companies Inc. now owns 1,519,591 shares of the company’s stock valued at $93,303,000 after purchasing an additional 1,288,986 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Advance Auto Parts by 18.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,474,546 shares of the company’s stock valued at $293,751,000 after purchasing an additional 1,190,094 shares during the last quarter. Maple Rock Capital Partners Inc. grew its stake in shares of Advance Auto Parts by 508.2% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 951,790 shares of the company’s stock valued at $58,440,000 after purchasing an additional 795,290 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Advance Auto Parts in the 3rd quarter valued at approximately $33,610,000. Finally, Private Management Group Inc. purchased a new position in shares of Advance Auto Parts in the 4th quarter valued at approximately $20,123,000. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

About Advance Auto Parts

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.