The Credit Suisse Group AG Reaffirmed “Buy” Rating for Advance Auto Parts Inc. (AAP)

The Credit Suisse Group AG Reaffirmed “Buy” Rating for Advance Auto Parts Inc. (AAP)

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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