Advance Auto Parts’ (AAP) “Sell” Rating Reiterated at BTIG Research
Advance Auto Parts Inc (NYSE:AAP)‘s stock had its “sell” rating restated by equities researchers at BTIG Research in a research report issued to clients and investors on Thursday, Marketbeat reports. They presently have a $109.00 target price on the stock, down from their previous target price of $120.00. BTIG Research’s price target indicates a potential downside of 8.97% from the company’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Bank of America Corporation dropped their price target on shares of Advance Auto Parts from $160.00 to $150.00 and set a “neutral” rating for the company in a research report on Thursday, May 25th. Morgan Stanley reiterated an “overweight” rating and issued a $160.00 price target (down from $185.00) on shares of Advance Auto Parts in a research report on Sunday, May 28th. Gabelli upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research report on Thursday, April 20th. Zacks Investment Research downgraded shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Finally, Royal Bank Of Canada lowered their price objective on shares of Advance Auto Parts from $191.00 to $168.00 and set an “outperform” rating for the company in a research report on Tuesday, May 2nd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $162.50.
Advance Auto Parts (NYSE:AAP) traded down 0.80% during midday trading on Thursday, hitting $119.74. The stock had a trading volume of 2,289,560 shares. Advance Auto Parts has a 1-year low of $118.75 and a 1-year high of $177.83. The company’s 50 day moving average is $137.98 and its 200 day moving average is $153.96. The company has a market cap of $8.83 billion, a price-to-earnings ratio of 21.69 and a beta of 0.80.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 24th. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by $0.60. Advance Auto Parts had a net margin of 4.31% and a return on equity of 16.02%. The business had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the previous year, the firm posted $2.51 earnings per share. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. On average, equities analysts anticipate that Advance Auto Parts will post $6.74 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Friday, June 23rd will be paid a dividend of $0.06 per share. The ex-dividend date is Wednesday, June 21st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. Advance Auto Parts’s payout ratio is presently 4.36%.
In related news, Director Adriana Karaboutis bought 367 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were purchased at an average price of $135.28 per share, with a total value of $49,647.76. Following the completion of the purchase, the director now owns 3,043 shares in the company, valued at approximately $411,657.04. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey C. Smith bought 350,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were bought at an average cost of $134.29 per share, for a total transaction of $47,001,500.00. Following the purchase, the director now owns 1,273 shares of the company’s stock, valued at approximately $170,951.17. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 369,462 shares of company stock worth $49,617,073. Insiders own 4.50% of the company’s stock.
Several hedge funds have recently modified their holdings of AAP. BlackRock Inc. boosted its stake in shares of Advance Auto Parts by 3,142.5% in the first quarter. BlackRock Inc. now owns 4,320,280 shares of the company’s stock valued at $640,524,000 after buying an additional 4,187,042 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of 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 valued at $464,848,000 after buying an additional 983,616 shares in the last quarter. Norges Bank acquired a new stake in shares of Advance Auto Parts during the fourth quarter valued at $119,053,000. Point72 Asset Management L.P. boosted its stake in shares of 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 valued at $228,154,000 after buying an additional 521,078 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in shares of Advance Auto Parts during the first quarter valued at $66,089,000.
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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