Credit Suisse Group AG reissued their buy rating on shares of Advance Auto Parts Inc. (NYSE:AAP) in a research note issued to investors on Wednesday. The firm currently has a $171.00 target price on the stock.
AAP has been the subject of several other research reports. Royal Bank Of Canada lifted their price objective on Advance Auto Parts from $174.00 to $175.00 and gave the company an outperform rating in a research note on Tuesday, November 15th. Raymond James Financial Inc. upgraded Advance Auto Parts from a market perform rating to a strong-buy rating and set a $180.00 price objective for the company in a research note on Tuesday, November 15th. Morgan Stanley reiterated an overweight rating and issued a $180.00 price objective on shares of Advance Auto Parts in a research note on Thursday, August 18th. Wedbush reiterated an outperform rating and issued a $175.00 price objective (up previously from $160.00) on shares of Advance Auto Parts in a research note on Wednesday, August 17th. Finally, BTIG Research reiterated a sell rating and issued a $120.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, August 17th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Advance Auto Parts currently has an average rating of Hold and an average price target of $166.81.
Shares of Advance Auto Parts (NYSE:AAP) opened at 170.86 on Wednesday. The company has a 50-day moving average price of $148.06 and a 200-day moving average price of $154.52. The stock has a market cap of $12.58 billion, a price-to-earnings ratio of 28.00 and a beta of 1.04. Advance Auto Parts has a 12 month low of $131.59 and a 12 month high of $172.87.
Advance Auto Parts (NYSE:AAP) last announced its earnings results on Monday, November 14th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.02. Advance Auto Parts had a return on equity of 20.42% and a net margin of 4.75%. The company earned $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the business posted $1.95 EPS. Advance Auto Parts’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts expect that Advance Auto Parts will post $7.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Friday, December 23rd will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date is Wednesday, December 21st. Advance Auto Parts’s payout ratio is currently 3.94%.
In related news, Director Jeffrey C. Smith bought 70,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The shares were acquired at an average price of $158.77 per share, with a total value of $11,113,900.00. Following the completion of the acquisition, the director now owns 1,271 shares in the company, valued at approximately $201,796.67. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Robert B. Cushing bought 1,500 shares of the company’s stock in a transaction dated Tuesday, August 30th. The stock was bought at an average cost of $156.66 per share, for a total transaction of $234,990.00. Following the acquisition, the executive vice president now owns 6,362 shares of the company’s stock, valued at approximately $996,670.92. The disclosure for this purchase can be found here. 4.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Soroban Capital Partners LP bought a new position in Advance Auto Parts during the third quarter worth about $90,068,000. Valinor Management L.P. bought a new position in Advance Auto Parts during the third quarter worth about $88,564,000. Boston Partners bought a new position in Advance Auto Parts during the third quarter worth about $82,487,000. Marshall Wace LLP raised its position in Advance Auto Parts by 119.5% in the second quarter. Marshall Wace LLP now owns 791,126 shares of the company’s stock worth $127,870,000 after buying an additional 430,709 shares during the last quarter. Finally, Two Sigma Advisers LP bought a new position in Advance Auto Parts during the third quarter worth about $55,314,000. 99.08% of the stock is currently owned by institutional investors and hedge funds.
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