Advance Auto Parts Inc. (AAP) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Advance Auto Parts Inc. (NYSE:AAP) posted its quarterly earnings results on Monday. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.02. The firm earned $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Advance Auto Parts had a net margin of 4.80% and a return on equity of 21.90%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.95 earnings per share.
Advance Auto Parts (NYSE:AAP) opened at 142.90 on Tuesday. The firm has a 50 day moving average of $144.17 and a 200-day moving average of $153.92. The firm has a market cap of $10.51 billion, a price-to-earnings ratio of 23.08 and a beta of 1.04. Advance Auto Parts has a one year low of $131.59 and a one year high of $172.87.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Shareholders of record on Friday, December 23rd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.17%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 3.88%.
In other Advance Auto Parts news, EVP Robert B. Cushing bought 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were acquired at an average cost of $156.66 per share, for a total transaction of $234,990.00. Following the acquisition, the executive vice president now directly owns 6,362 shares of the company’s stock, valued at $996,670.92. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey C. Smith bought 70,000 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was acquired at an average price of $158.77 per share, for a total transaction of $11,113,900.00. Following the completion of the acquisition, the director now directly owns 1,271 shares in the company, valued at $201,796.67. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Advance Auto Parts by 31.9% in the second quarter. Van ECK Associates Corp now owns 637 shares of the company’s stock worth $103,000 after buying an additional 154 shares during the last quarter. Kanaly Trust Co raised its stake in Advance Auto Parts by 65.5% in the second quarter. Kanaly Trust Co now owns 720 shares of the company’s stock worth $116,000 after buying an additional 285 shares in the last quarter. Global X Management Co. LLC raised its stake in Advance Auto Parts by 92.3% in the second quarter. Global X Management Co. LLC now owns 723 shares of the company’s stock worth $117,000 after buying an additional 347 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in Advance Auto Parts by 4.0% in the second quarter. Checchi Capital Advisers LLC now owns 751 shares of the company’s stock worth $121,000 after buying an additional 29 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its stake in Advance Auto Parts by 7,181.8% in the third quarter. Cornerstone Advisors Inc. now owns 801 shares of the company’s stock worth $119,000 after buying an additional 790 shares in the last quarter. Institutional investors and hedge funds own 99.42% of the company’s stock.
AAP has been the subject of several analyst reports. BTIG Research reissued a “sell” rating and set a $120.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 19th. RBC Capital Markets reissued an “outperform” rating and set a $174.00 price target (down from $180.00) on shares of Advance Auto Parts in a report on Thursday, September 8th. Jefferies Group reissued a “hold” rating and set a $150.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 19th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $171.00 target price on shares of Advance Auto Parts in a report on Sunday, October 23rd. Finally, Wedbush reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Advance Auto Parts in a report on Wednesday, October 5th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $164.22.
About Advance Auto Parts
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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