Advance Auto Parts, Inc. (NYSE:AAP) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $156.91, but opened at $161.30. Advance Auto Parts shares last traded at $166.29, with a volume of 3084169 shares trading hands.

The company reported $2.46 EPS for the quarter, topping the Zacks’ consensus estimate of $2.36 by $0.10. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.94 billion. Advance Auto Parts had a net margin of 4.42% and a return on equity of 14.64%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.10 EPS.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 21st will be paid a $0.06 dividend. The ex-dividend date is Thursday, June 20th. This represents a $0.24 dividend on an annualized basis and a yield of 0.15%. Advance Auto Parts’s dividend payout ratio is currently 3.37%.

A number of equities analysts have commented on AAP shares. Jefferies Financial Group dropped their target price on shares of Advance Auto Parts to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, February 20th. Zacks Investment Research upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating and set a $182.00 target price on the stock in a research note on Monday, February 11th. Credit Suisse Group restated a “buy” rating and issued a $195.00 target price on shares of Advance Auto Parts in a research note on Tuesday, February 19th. Wells Fargo & Co reiterated a “hold” rating and set a $175.00 price objective on shares of Advance Auto Parts in a research note on Wednesday. Finally, Citigroup dropped their price objective on shares of Advance Auto Parts from $188.00 to $182.00 and set a “neutral” rating on the stock in a research note on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Advance Auto Parts currently has an average rating of “Buy” and a consensus target price of $190.71.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nelson Roberts Investment Advisors LLC acquired a new stake in Advance Auto Parts in the first quarter valued at approximately $40,000. Pinnacle Financial Partners Inc. acquired a new stake in Advance Auto Parts in the first quarter valued at approximately $43,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Advance Auto Parts by 38.2% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 329 shares of the company’s stock valued at $52,000 after acquiring an additional 91 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in Advance Auto Parts by 258.9% in the first quarter. Zions Bancorporation N.A. now owns 402 shares of the company’s stock valued at $69,000 after acquiring an additional 290 shares in the last quarter. Finally, Enlightenment Research LLC acquired a new stake in Advance Auto Parts in the fourth quarter valued at approximately $79,000. Hedge funds and other institutional investors own 98.44% of the company’s stock.

The company has a market cap of $11.57 billion, a price-to-earnings ratio of 22.41, a P/E/G ratio of 1.54 and a beta of 0.97. The company has a current ratio of 1.57, a quick ratio of 0.44 and a debt-to-equity ratio of 0.29.

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Advance Auto Parts Company Profile (NYSE:AAP)

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories, belts and hoses, brakes and brake pads, chassis and climate control parts, clutches and drive shafts, engines and engine parts, exhaust systems and parts, hub assemblies, ignition components and wires, radiators and cooling parts, starters and alternators, and steering and alignment parts.

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