Northcoast Research Analysts Lower Earnings Estimates for Advance Auto Parts Inc (AAP)
Advance Auto Parts Inc (NYSE:AAP) – Investment analysts at Northcoast Research reduced their Q2 2018 earnings estimates for shares of Advance Auto Parts in a research report issued to clients and investors on Wednesday. Northcoast Research analyst N. Mitchell now forecasts that the company will post earnings of $1.81 per share for the quarter, down from their previous forecast of $2.09. Northcoast Research also issued estimates for Advance Auto Parts’ Q4 2018 earnings at $1.15 EPS.
A number of other analysts have also commented on the company. Barclays PLC reissued a “sell” rating and issued a $120.00 target price on shares of Advance Auto Parts in a report on Friday, May 26th. Royal Bank Of Canada reduced their target price on Advance Auto Parts from $168.00 to $153.00 and set an “outperform” rating for the company in a report on Thursday, May 25th. UBS AG reissued a “buy” rating and issued a $180.00 target price (down previously from $200.00) on shares of Advance Auto Parts in a report on Wednesday, May 17th. Bank of America Corporation cut their price objective on Advance Auto Parts from $160.00 to $150.00 and set a “neutral” rating for the company in a report on Thursday, May 25th. Finally, Jefferies Group LLC lifted their price objective on Advance Auto Parts to $150.00 and gave the stock a “hold” rating in a report on Wednesday, June 28th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Advance Auto Parts currently has an average rating of “Hold” and an average target price of $126.68.
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Advance Auto Parts (AAP) traded up 2.50% during midday trading on Thursday, hitting $93.80. The stock had a trading volume of 2,473,384 shares. Advance Auto Parts has a 12 month low of $82.21 and a 12 month high of $177.83. The firm’s 50-day moving average price is $106.41 and its 200 day moving average price is $136.10. The company has a market cap of $6.93 billion, a P/E ratio of 18.73 and a beta of 0.87. Advance Auto Parts also was the target of some unusual options trading on Monday. Investors purchased 13,082 call options on the company. This represents an increase of approximately 943% compared to the typical volume of 1,254 call options.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, August 15th. The company reported $1.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by $0.07. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a net margin of 3.91% and a return on equity of 14.71%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 EPS.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend is Thursday, September 21st. Advance Auto Parts’s dividend payout ratio is presently 4.80%.
In other Advance Auto Parts news, insider Thomas Greco bought 16,000 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were acquired at an average cost of $134.63 per share, with a total value of $2,154,080.00. Following the purchase, the insider now directly owns 111,030 shares of the company’s stock, valued at approximately $14,947,968.90. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffrey C. Smith bought 350,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average cost of $134.29 per share, for a total transaction of $47,001,500.00. Following the completion of the purchase, the director now directly owns 1,273 shares in the company, valued at $170,951.17. The disclosure for this purchase can be found here. Insiders purchased a total of 369,462 shares of company stock worth $49,617,073 over the last ninety days. 4.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC raised its stake in Advance Auto Parts by 4.7% in the first quarter. Crestwood Advisors Group LLC now owns 114,763 shares of the company’s stock valued at $17,015,000 after buying an additional 5,136 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in Advance Auto Parts by 3.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,964 shares of the company’s stock valued at $272,000 after buying an additional 61 shares during the period. Global Thematic Partners LLC increased its stake in Advance Auto Parts by 48.5% in the first quarter. Global Thematic Partners LLC now owns 394,634 shares of the company’s stock valued at $58,509,000 after buying an additional 128,903 shares during the period. Nationwide Fund Advisors increased its stake in Advance Auto Parts by 111.6% in the first quarter. Nationwide Fund Advisors now owns 150,177 shares of the company’s stock valued at $22,265,000 after buying an additional 79,214 shares during the period. Finally, Diversified Trust Co increased its stake in Advance Auto Parts by 35.3% in the first quarter. Diversified Trust Co now owns 13,411 shares of the company’s stock valued at $1,988,000 after buying an additional 3,500 shares during the period.
About Advance Auto Parts
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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