Advance Auto Parts’ (AAP) Outperform Rating Reiterated at Wedbush
Advance Auto Parts Inc. (NYSE:AAP)‘s stock had its “outperform” rating restated by Wedbush in a report released on Wednesday. They currently have a $175.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 19.42% from the company’s current price.
Other analysts have also issued reports about the stock. Deutsche Bank AG reaffirmed a “buy” rating on shares of Advance Auto Parts in a research note on Sunday, July 10th. Morgan Stanley reissued an “overweight” rating and set a $180.00 price target on shares of Advance Auto Parts in a research report on Thursday, August 18th. Vetr raised shares of Advance Auto Parts from a “sell” rating to a “hold” rating and set a $150.50 price target for the company in a research report on Wednesday, June 22nd. BTIG Research reissued a “sell” rating and set a $120.00 price target on shares of Advance Auto Parts in a research report on Wednesday, August 17th. Finally, Argus reissued a “buy” rating and set a $185.00 price target on shares of Advance Auto Parts in a research report on Wednesday, August 31st. Four analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $170.08.
Advance Auto Parts (NYSE:AAP) traded up 1.58% during trading on Wednesday, hitting $148.85. 201,850 shares of the company were exchanged. The stock has a market capitalization of $10.95 billion, a PE ratio of 24.04 and a beta of 1.02. The firm’s 50 day moving average price is $153.76 and its 200-day moving average price is $157.16. Advance Auto Parts has a 1-year low of $131.59 and a 1-year high of $201.24.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, August 16th. The company reported $1.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.12 by $0.22. Advance Auto Parts had a return on equity of 21.90% and a net margin of 4.80%. The business earned $2.26 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the company earned $2.27 earnings per share. The firm’s revenue was down 4.8% compared to the same quarter last year. Equities analysts predict that Advance Auto Parts will post $7.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Friday, September 23rd will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.16%. Advance Auto Parts’s payout ratio is 3.88%.
In other news, Director Jeffrey C. Smith acquired 70,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The shares were acquired at an average price of $158.77 per share, with a total value of $11,113,900.00. Following the purchase, the director now directly owns 1,271 shares of the company’s stock, valued at $201,796.67. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Francis Ferraro acquired 500 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were purchased at an average cost of $160.28 per share, for a total transaction of $80,140.00. Following the purchase, the director now directly owns 2,941 shares in the company, valued at $471,383.48. The disclosure for this purchase can be found here. Insiders own 4.50% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. 1832 Asset Management L.P. raised its position in shares of Advance Auto Parts by 5.9% in the first quarter. 1832 Asset Management L.P. now owns 223,782 shares of the company’s stock worth $61,445,000 after buying an additional 12,529 shares during the period. Willis Investment Counsel raised its position in shares of Advance Auto Parts by 1.0% in the first quarter. Willis Investment Counsel now owns 42,960 shares of the company’s stock worth $6,888,000 after buying an additional 410 shares during the period. Aviva PLC raised its position in shares of Advance Auto Parts by 4.8% in the first quarter. Aviva PLC now owns 37,474 shares of the company’s stock worth $6,009,000 after buying an additional 1,727 shares during the period. ING Groep NV acquired a new position in shares of Advance Auto Parts during the first quarter worth about $269,000. Finally, Picton Mahoney Asset Management acquired a new position in shares of Advance Auto Parts during the first quarter worth about $1,779,000. Hedge funds and other institutional investors own 98.53% of the company’s stock.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (commercial) and do-it-yourself (DIY), customers, as well as independently owned operators. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.
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