Advance Auto Parts Inc (AAP) Downgraded by Citigroup Inc.
Advance Auto Parts Inc (NYSE:AAP) was downgraded by Citigroup Inc. from a “strong-buy” rating to a “market perform” rating in a research note issued to investors on Wednesday, The Fly reports.
A number of other research analysts have also recently issued reports on AAP. Morgan Stanley reaffirmed an “overweight” rating and issued a $125.00 price target (down from $160.00) on shares of Advance Auto Parts in a report on Thursday, July 6th. Bank of America Corporation downgraded shares of Advance Auto Parts from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $150.00 to $90.00 in a research report on Friday, July 7th. 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 report on Thursday, June 22nd. Deutsche Bank AG reissued a “buy” rating and set a $139.00 price objective (down previously from $164.00) on shares of Advance Auto Parts in a report on Friday, July 21st. Finally, Cleveland Research cut shares of Advance Auto Parts from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 28th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Advance Auto Parts presently has a consensus rating of “Hold” and a consensus price target of $123.08.
Advance Auto Parts (NYSE:AAP) opened at 98.98 on Wednesday. The company has a 50-day moving average of $96.03 and a 200-day moving average of $121.05. The company has a market cap of $7.31 billion, a price-to-earnings ratio of 19.76 and a beta of 0.92. Advance Auto Parts has a 12 month low of $82.21 and a 12 month high of $177.83.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Tuesday, August 15th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.07). Advance Auto Parts had a net margin of 3.91% and a return on equity of 14.71%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the firm posted $1.90 EPS. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts predict that Advance Auto Parts will post $5.16 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of AAP. Kanaly Trust Co increased its stake in Advance Auto Parts by 65.5% in the second quarter. Kanaly Trust Co now owns 720 shares of the company’s stock valued at $116,000 after purchasing an additional 285 shares in the last quarter. Global X Management Co. LLC boosted its position in shares of Advance Auto Parts by 92.3% during the second quarter. Global X Management Co. LLC now owns 723 shares of the company’s stock worth $117,000 after purchasing an additional 347 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Advance Auto Parts by 4.0% during the second quarter. Checchi Capital Advisers LLC now owns 751 shares of the company’s stock worth $121,000 after purchasing an additional 29 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Advance Auto Parts by 3.2% during the first quarter. IFP Advisors Inc now owns 767 shares of the company’s stock worth $114,000 after purchasing an additional 24 shares in the last quarter. Finally, Cornerstone Advisors Inc. boosted its position in shares of Advance Auto Parts by 7,181.8% during the third quarter. Cornerstone Advisors Inc. now owns 801 shares of the company’s stock worth $119,000 after purchasing an additional 790 shares in the last quarter.
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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