Morgan Stanley Reiterates “Overweight” Rating for Advance Auto Parts, Inc. (AAP)
Advance Auto Parts, Inc. (NYSE:AAP)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Morgan Stanley in a research note issued to investors on Wednesday.
A number of other analysts have also recently issued reports on AAP. Deutsche Bank AG reissued a “buy” rating and issued a $139.00 target price (down from $164.00) on shares of Advance Auto Parts in a research report on Friday, July 21st. BidaskClub raised Advance Auto Parts from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. UBS AG reissued a “buy” rating and issued a $155.00 target price (down from $170.00) on shares of Advance Auto Parts in a research report on Monday, August 7th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Advance Auto Parts in a research report on Tuesday, August 15th. Finally, Royal Bank Of Canada decreased their target price on Advance Auto Parts from $125.00 to $102.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 16th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $104.89.
Advance Auto Parts (AAP) traded down $1.08 during trading hours on Wednesday, hitting $90.50. The stock had a trading volume of 2,288,900 shares, compared to its average volume of 1,692,496. The firm has a market cap of $6,610.00, a PE ratio of 16.32, a P/E/G ratio of 1.69 and a beta of 0.90. Advance Auto Parts has a twelve month low of $78.81 and a twelve month high of $177.83. The company has a current ratio of 1.52, a quick ratio of 0.29 and a debt-to-equity ratio of 0.32.
Advance Auto Parts (NYSE:AAP) last announced its earnings results on Tuesday, November 14th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.18. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Advance Auto Parts had a return on equity of 13.12% and a net margin of 4.40%. The business’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 EPS. research analysts forecast that Advance Auto Parts will post 5.1 EPS for the current fiscal year.
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Hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its stake in shares of Advance Auto Parts by 5.3% during the 2nd quarter. Legal & General Group Plc now owns 358,722 shares of the company’s stock worth $41,825,000 after buying an additional 18,209 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Advance Auto Parts by 78.0% during the 2nd quarter. Wells Fargo & Company MN now owns 884,760 shares of the company’s stock worth $103,155,000 after buying an additional 387,673 shares in the last quarter. Tobam purchased a new position in shares of Advance Auto Parts during the 2nd quarter worth approximately $118,000. Vanguard Group Inc. raised its stake in shares of Advance Auto Parts by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 6,966,176 shares of the company’s stock worth $812,186,000 after buying an additional 185,970 shares in the last quarter. Finally, ARGA Investment Management LP raised its stake in shares of Advance Auto Parts by 89.0% during the 2nd quarter. ARGA Investment Management LP now owns 53,300 shares of the company’s stock worth $6,214,000 after buying an additional 25,100 shares in the last quarter.
Advance Auto Parts Company Profile
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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