Advance Auto Parts Inc (NYSE:AAP) Upgraded at Jefferies Group LLC
Advance Auto Parts Inc (NYSE:AAP) was upgraded by Jefferies Group LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, July 7th, Marketbeat Ratings reports. The firm currently has a $130.00 price objective on the stock, down from their prior price objective of $150.00. Jefferies Group LLC’s price objective points to a potential upside of 18.73% from the company’s current price. Jefferies Group also issued estimates for Advance Auto Parts’ FY2019 earnings at $9.68 EPS. The analysts noted that the move was a valuation call.
Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley restated an “overweight” rating and issued a $125.00 price objective (down previously from $160.00) on shares of Advance Auto Parts in a research report on Thursday, July 6th. Royal Bank Of Canada lowered their price objective on shares of Advance Auto Parts from $153.00 to $125.00 and set a “sector perform” rating for the company in a research report on Thursday, July 6th. Barclays PLC raised their target price on shares of Advance Auto Parts from $93.00 to $120.00 and gave the company an “underweight” rating in a research note on Thursday, July 6th. Wedbush reaffirmed an “outperform” rating on shares of Advance Auto Parts in a research note on Thursday, July 6th. Finally, Maxim Group reaffirmed a “buy” rating on shares of Advance Auto Parts in a research note on Thursday, June 29th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $149.06.
Advance Auto Parts (AAP) traded down 1.37% on Friday, reaching $109.49. 1,435,339 shares of the company’s stock were exchanged. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of 19.84 and a beta of 0.87. Advance Auto Parts has a 12 month low of $99.13 and a 12 month high of $177.83. The firm has a 50-day moving average of $112.57 and a 200-day moving average of $140.70.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Wednesday, May 24th. The company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $2.20 by $0.60. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.94 billion. Advance Auto Parts had a net margin of 4.31% and a return on equity of 16.02%. The company’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.51 EPS. On average, equities analysts expect that Advance Auto Parts will post $6.41 earnings per share for the current year.
In other news, insider Thomas Greco bought 16,000 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were acquired at an average cost of $134.63 per share, for a total transaction of $2,154,080.00. Following the completion of the acquisition, the insider now owns 111,030 shares in the company, valued at $14,947,968.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eugene I. Lee, Jr. bought 1,895 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were purchased at an average price of $132.18 per share, for a total transaction of $250,481.10. Following the completion of the acquisition, the director now owns 4,398 shares of the company’s stock, valued at approximately $581,327.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 369,462 shares of company stock worth $49,617,073. 4.50% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Advance Auto Parts by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,780,206 shares of the company’s stock worth $1,005,233,000 after buying an additional 212,632 shares during the period. BlackRock Inc. boosted its position in Advance Auto Parts by 3,142.5% in the first quarter. BlackRock Inc. now owns 4,320,280 shares of the company’s stock worth $640,524,000 after buying an additional 4,187,042 shares during the period. Lazard Asset Management LLC boosted its position in Advance Auto Parts by 45.7% in the first quarter. Lazard Asset Management LLC now owns 3,135,361 shares of the company’s stock worth $464,848,000 after buying an additional 983,616 shares during the period. American Century Companies Inc. boosted its position in Advance Auto Parts by 32.4% in the second quarter. American Century Companies Inc. now owns 2,104,487 shares of the company’s stock worth $245,362,000 after buying an additional 514,921 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in Advance Auto Parts by 51.2% in the first quarter. Point72 Asset Management L.P. now owns 1,538,878 shares of the company’s stock worth $228,154,000 after buying an additional 521,078 shares during the period.
About Advance Auto Parts
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. 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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