Advance Auto Parts Inc. (AAP) Receives Hold Rating from Jefferies Group
Jefferies Group reaffirmed their hold rating on shares of Advance Auto Parts Inc. (NYSE:AAP) in a research report sent to investors on Friday morning. They currently have a $160.00 target price on the stock, up from their prior target price of $150.00.
A number of other research firms have also commented on AAP. Deutsche Bank AG raised their price objective on shares of Advance Auto Parts from $160.00 to $180.00 and gave the company a buy rating in a research report on Monday, August 1st. Wedbush restated an outperform rating and issued a $175.00 price objective (up from $160.00) on shares of Advance Auto Parts in a research report on Wednesday, August 17th. Citigroup Inc. raised their price objective on shares of Advance Auto Parts from $145.00 to $162.00 and gave the company a neutral rating in a research report on Wednesday, August 17th. BTIG Research restated a sell rating and issued a $120.00 price objective on shares of Advance Auto Parts in a research report on Wednesday, August 17th. Finally, Credit Suisse Group AG restated an outperform rating and issued a $171.00 price objective (up from $155.00) on shares of Advance Auto Parts in a research report on Thursday, August 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Advance Auto Parts currently has a consensus rating of Hold and a consensus price target of $166.81.
Advance Auto Parts (NYSE:AAP) traded up 1.57% during midday trading on Friday, reaching $165.13. 134,151 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $145.16 and a 200-day moving average of $153.96. Advance Auto Parts has a 12 month low of $131.59 and a 12 month high of $172.87. The stock has a market cap of $12.16 billion, a PE ratio of 27.06 and a beta of 1.04.
Advance Auto Parts (NYSE:AAP) last issued its earnings results on Monday, November 14th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.02. The firm earned $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. Advance Auto Parts had a net margin of 4.75% and a return on equity of 20.42%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the business earned $1.95 earnings per share. On average, equities research analysts predict that Advance Auto Parts will post $7.25 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Shareholders of record on Friday, December 23rd will be paid a $0.06 dividend. The ex-dividend date is Wednesday, December 21st. This represents a $0.24 annualized dividend and a yield of 0.15%. Advance Auto Parts’s payout ratio is 3.94%.
In other news, Director Jeffrey C. Smith acquired 70,000 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were acquired at an average cost of $158.77 per share, with a total value of $11,113,900.00. Following the acquisition, the director now directly owns 1,271 shares of the company’s stock, valued at $201,796.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas Greco acquired 6,250 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were purchased at an average cost of $159.56 per share, for a total transaction of $997,250.00. Following the completion of the acquisition, the chief executive officer now directly owns 42,154 shares in the company, valued at $6,726,092.24. The disclosure for this purchase can be found here. 4.50% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of AAP. Soroban Capital Partners LP purchased a new stake in shares of Advance Auto Parts during the third quarter valued at about $90,068,000. Valinor Management L.P. purchased a new stake in shares of Advance Auto Parts during the third quarter valued at about $88,564,000. Boston Partners purchased a new stake in shares of Advance Auto Parts during the third quarter valued at about $82,487,000. Marshall Wace LLP boosted its stake in shares of Advance Auto Parts by 119.5% in the second quarter. Marshall Wace LLP now owns 791,126 shares of the company’s stock valued at $127,870,000 after buying an additional 430,709 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in shares of Advance Auto Parts during the third quarter valued at about $55,314,000. 99.08% of the stock is currently owned by institutional investors and hedge funds.
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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