Wedbush Comments on Advance Auto Parts Inc’s Q2 2017 Earnings (NYSE:AAP)
Advance Auto Parts Inc (NYSE:AAP) – Analysts at Wedbush reduced their Q2 2017 earnings per share (EPS) estimates for shares of Advance Auto Parts in a report released on Monday. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of $1.62 for the quarter, down from their previous forecast of $1.76. Wedbush currently has a “Outperform” rating on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2017 earnings at $1.80 EPS, Q4 2017 earnings at $1.34 EPS, FY2017 earnings at $6.35 EPS, FY2018 earnings at $8.03 EPS and FY2019 earnings at $9.34 EPS.
A number of other analysts have also recently issued reports on the company. UBS AG reissued a “buy” rating and set a $155.00 price objective (down previously from $170.00) on shares of Advance Auto Parts in a report on Monday. BidaskClub raised Advance Auto Parts from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $139.00 price target (down previously from $164.00) on shares of Advance Auto Parts in a report on Friday, July 21st. Credit Suisse Group reaffirmed an “outperform” rating and issued a $135.00 price target (down previously from $150.00) on shares of Advance Auto Parts in a report on Monday, July 17th. Finally, BTIG Research reaffirmed a “sell” rating and issued a $90.00 price target (down previously from $109.00) on shares of Advance Auto Parts in a report on Thursday, July 13th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given 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 target price of $149.06.
Shares of Advance Auto Parts (NYSE:AAP) opened at 109.49 on Tuesday. Advance Auto Parts has a 12 month low of $99.13 and a 12 month high of $177.83. The firm has a market capitalization of $8.08 billion, a P/E ratio of 19.84 and a beta of 0.87. The company has a 50 day moving average of $112.57 and a 200-day moving average of $140.70.
Advance Auto Parts (NYSE:AAP) last announced 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. The firm had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.94 billion. Advance Auto Parts had a net margin of 4.31% and a return on equity of 16.02%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.51 earnings per share.
A number of institutional investors have recently bought and sold shares of the company. Cleararc Capital Inc. raised its position in Advance Auto Parts by 0.4% in the first quarter. Cleararc Capital Inc. now owns 1,802 shares of the company’s stock valued at $267,000 after buying an additional 7 shares during the last quarter. IFP Advisors Inc raised its position in Advance Auto Parts by 3.2% in the first quarter. IFP Advisors Inc now owns 767 shares of the company’s stock valued at $114,000 after buying an additional 24 shares during the last quarter. Strs Ohio raised its position in Advance Auto Parts by 0.7% in the first quarter. Strs Ohio now owns 3,955 shares of the company’s stock valued at $586,000 after buying an additional 28 shares during the last quarter. Pacer Advisors Inc. raised its position in Advance Auto Parts by 3.0% in the first quarter. Pacer Advisors Inc. now owns 1,517 shares of the company’s stock valued at $225,000 after buying an additional 44 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in Advance Auto Parts by 0.8% in the second quarter. Advisors Asset Management Inc. now owns 5,676 shares of the company’s stock valued at $662,000 after buying an additional 47 shares during the last quarter.
In related news, Director Jeffrey C. Smith purchased 350,000 shares of Advance Auto Parts stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average cost of $134.29 per share, for a total transaction of $47,001,500.00. Following the transaction, the director now directly owns 1,273 shares in the company, valued at $170,951.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eugene I. Lee, Jr. purchased 1,895 shares of Advance Auto Parts 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 completion of the transaction, the director now owns 4,398 shares in the company, valued at $581,327.64. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 369,462 shares of company stock worth $49,617,073. 4.50% of the stock is currently owned by insiders.
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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