Advance Auto Parts Inc (NYSE:AAP) Lowered to “Neutral” at Cleveland Research
Advance Auto Parts Inc (NYSE:AAP) was downgraded by equities researchers at Cleveland Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday.
Several other brokerages have also recently issued reports on AAP. Wedbush reiterated an “outperform” rating and set a $160.00 price target (down previously from $185.00) on shares of Advance Auto Parts in a research report on Sunday, May 28th. Citigroup Inc. reduced their price target on shares of Advance Auto Parts from $177.00 to $168.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 25th. Royal Bank Of Canada dropped their price objective on shares of Advance Auto Parts from $168.00 to $153.00 and set an “outperform” rating on the stock in a research note on Thursday, May 25th. BTIG Research reissued a “sell” rating and set a $109.00 price objective (down previously from $120.00) on shares of Advance Auto Parts in a research note on Thursday, June 22nd. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Advance Auto Parts in a research note on Wednesday, May 31st. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Advance Auto Parts presently has an average rating of “Hold” and an average price target of $161.31.
Shares of Advance Auto Parts (NYSE:AAP) traded up 0.47% during trading on Wednesday, reaching $116.59. 994,926 shares of the company traded hands. The stock has a market capitalization of $8.60 billion, a P/E ratio of 21.12 and a beta of 0.80. Advance Auto Parts has a 12-month low of $115.62 and a 12-month high of $177.83. The firm’s 50 day moving average is $132.91 and its 200-day moving average is $151.47.
Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Wednesday, May 24th. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the firm earned $2.51 EPS. Advance Auto Parts’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, equities research analysts anticipate that Advance Auto Parts will post $6.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 23rd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 21st. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Advance Auto Parts’s dividend payout ratio is presently 4.36%.
In other news, Director Adriana Karaboutis bought 367 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were purchased at an average price of $135.28 per share, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eugene I. Lee, Jr. acquired 1,895 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $132.18 per share, for a total transaction of $250,481.10. Following the transaction, the director now owns 4,398 shares of the company’s stock, valued at $581,327.64. The disclosure for this purchase can be found here. In the last quarter, insiders bought 369,462 shares of company stock worth $49,617,073. Insiders own 4.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. increased its position in shares of Advance Auto Parts by 4.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 9,756 shares of the company’s stock worth $1,446,000 after buying an additional 406 shares during the period. Causeway Capital Management LLC increased its position in shares of Advance Auto Parts by 44.4% in the first quarter. Causeway Capital Management LLC now owns 1,415,672 shares of the company’s stock worth $240,970,000 after buying an additional 435,424 shares during the period. Clearbridge Investments LLC increased its position in shares of Advance Auto Parts by 273.6% in the first quarter. Clearbridge Investments LLC now owns 457,098 shares of the company’s stock worth $67,769,000 after buying an additional 334,751 shares during the period. Piedmont Investment Advisors LLC increased its position in shares of Advance Auto Parts by 20.2% in the first quarter. Piedmont Investment Advisors LLC now owns 5,162 shares of the company’s stock worth $765,000 after buying an additional 866 shares during the period. Finally, Steadfast Capital Management LP increased its position in shares of Advance Auto Parts by 4.3% in the first quarter. Steadfast Capital Management LP now owns 678,746 shares of the company’s stock worth $100,631,000 after buying an additional 28,151 shares during the period.
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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