Advance Auto Parts’ (AAP) Buy Rating Reiterated at Guggenheim

Advance Auto Parts (NYSE:AAP)‘s stock had its “buy” rating reiterated by research analysts at Guggenheim in a research note issued to investors on Thursday. They currently have a $174.00 price objective on the stock. Guggenheim’s price objective points to a potential upside of 9.10% from the company’s current price.

A number of other equities analysts have also recently issued reports on AAP. Deutsche Bank increased their price objective on shares of Advance Auto Parts from $155.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley increased their price objective on shares of Advance Auto Parts from $140.00 to $170.00 and gave the stock an “overweight” rating in a research report on Wednesday. Royal Bank of Canada increased their price objective on shares of Advance Auto Parts to $170.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Co reissued a “hold” rating and set a $165.00 price objective on shares of Advance Auto Parts in a research report on Tuesday. Finally, Citigroup raised shares of Advance Auto Parts from a “sell” rating to a “neutral” rating and set a $85.00 price objective on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $140.40.

AAP traded up $1.46 during trading on Thursday, reaching $159.49. 1,415,864 shares of the stock traded hands, compared to its average volume of 1,171,244. The company has a current ratio of 1.61, a quick ratio of 0.40 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $10.83 billion, a P/E ratio of 29.70, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Advance Auto Parts has a 12 month low of $78.81 and a 12 month high of $160.63.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, beating the Zacks’ consensus estimate of $1.86 by $0.11. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Advance Auto Parts had a net margin of 5.39% and a return on equity of 13.09%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.48 earnings per share. research analysts predict that Advance Auto Parts will post 6.8 EPS for the current fiscal year.

Advance Auto Parts announced that its board has authorized a share buyback program on Tuesday, August 14th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. raised its holdings in shares of Advance Auto Parts by 50.5% in the 1st quarter. Franklin Resources Inc. now owns 5,144,383 shares of the company’s stock worth $609,873,000 after acquiring an additional 1,725,493 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Advance Auto Parts by 0.9% in the 1st quarter. BlackRock Inc. now owns 4,538,370 shares of the company’s stock worth $538,024,000 after acquiring an additional 40,426 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Advance Auto Parts by 5.8% in the 1st quarter. Artisan Partners Limited Partnership now owns 3,685,527 shares of the company’s stock worth $436,919,000 after acquiring an additional 202,716 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Advance Auto Parts by 459.6% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,858,459 shares of the company’s stock worth $220,321,000 after acquiring an additional 1,526,368 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in shares of Advance Auto Parts by 0.6% in the 1st quarter. Neuberger Berman Group LLC now owns 1,551,429 shares of the company’s stock worth $183,014,000 after acquiring an additional 9,866 shares during the last quarter.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It offers battery accessories, belts and hoses, brakes and brake pads, chassis and climate control parts, clutches and drive shafts, engines and engine parts, exhaust systems and parts, hub assemblies, ignition components and wires, radiators and cooling parts, starters and alternators, and steering and alignment parts.

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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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