BTIG Research Reaffirms Sell Rating for Advance Auto Parts Inc. (AAP)
Advance Auto Parts Inc. (NYSE:AAP)‘s stock had its “sell” rating restated by investment analysts at BTIG Research in a research note issued to investors on Wednesday. They currently have a $120.00 price target on the stock. BTIG Research’s price target points to a potential downside of 16.08% from the stock’s current price.
A number of other brokerages have also recently issued reports on AAP. Susquehanna initiated coverage on Advance Auto Parts in a research note on Thursday, August 25th. They set a “neutral” rating and a $158.00 price objective on the stock. Vetr raised Advance Auto Parts from a “sell” rating to a “hold” rating and set a $150.50 price objective on the stock in a research note on Wednesday, June 22nd. Jefferies Group reaffirmed a “hold” rating and set a $150.00 price objective on shares of Advance Auto Parts in a research note on Wednesday. Citigroup Inc. raised their price objective on Advance Auto Parts from $145.00 to $162.00 and gave the company a “neutral” rating in a research note on Wednesday, August 17th. Finally, Credit Suisse Group AG reaffirmed an “outperform” rating and set a $171.00 price objective (up from $155.00) on shares of Advance Auto Parts in a research note on Thursday, August 18th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. Advance Auto Parts presently has an average rating of “Hold” and an average target price of $169.64.
Advance Auto Parts (NYSE:AAP) opened at 142.99 on Wednesday. Advance Auto Parts has a 52 week low of $131.59 and a 52 week high of $201.24. The firm has a market capitalization of $10.52 billion, a P/E ratio of 23.09 and a beta of 1.02. The stock has a 50 day moving average price of $150.41 and a 200-day moving average price of $156.17.
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Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Tuesday, August 16th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.12 by $0.22. Advance Auto Parts had a net margin of 4.80% and a return on equity of 21.90%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the business posted $2.27 earnings per share. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. Analysts anticipate that Advance Auto Parts will post $7.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Friday, September 23rd were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.17%. Advance Auto Parts’s payout ratio is 3.88%.
In other news, Director Jeffrey C. Smith bought 70,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was acquired at an average cost of $158.77 per share, for a total transaction of $11,113,900.00. Following the completion of the purchase, the director now owns 1,271 shares of the company’s stock, valued at approximately $201,796.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert B. Cushing bought 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was purchased at an average price of $156.66 per share, with a total value of $234,990.00. Following the completion of the purchase, the executive vice president now directly owns 6,362 shares of the company’s stock, valued at approximately $996,670.92. The disclosure for this purchase can be found here. 4.50% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp raised its position in shares of 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 position in shares of 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 during the last quarter. Global X Management Co. LLC raised its position in shares of 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 during the last quarter. Checchi Capital Advisers LLC raised its position in shares of 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 during the last quarter. Finally, Mizuho Asset Management Co. Ltd. raised its position in shares of Advance Auto Parts by 159.6% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,041 shares of the company’s stock worth $168,000 after buying an additional 640 shares during the last quarter. Institutional investors and hedge funds own 98.49% of the company’s stock.
Advance Auto Parts Company Profile
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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