Shares of Advance Auto Parts, Inc. (NYSE:AAP) have been assigned a consensus rating of “Buy” from the twenty-one research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $180.36.
A number of brokerages have recently weighed in on AAP. Northcoast Research restated a “neutral” rating on shares of Advance Auto Parts in a research note on Thursday, June 27th. Credit Suisse Group dropped their price target on Advance Auto Parts from $195.00 to $162.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Wedbush restated an “outperform” rating and set a $200.00 price target on shares of Advance Auto Parts in a research note on Thursday, July 11th. Evercore ISI restated a “buy” rating on shares of Advance Auto Parts in a research note on Tuesday, August 13th. Finally, Wolfe Research lowered Advance Auto Parts from an “outperform” rating to a “peer perform” rating and set a $128.00 price target on the stock. in a research note on Tuesday.
Several hedge funds have recently made changes to their positions in AAP. JPMorgan Chase & Co. raised its stake in shares of Advance Auto Parts by 125.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,721,715 shares of the company’s stock worth $412,910,000 after buying an additional 1,512,581 shares during the period. Clearbridge Investments LLC increased its position in shares of Advance Auto Parts by 228.9% during the first quarter. Clearbridge Investments LLC now owns 1,398,815 shares of the company’s stock worth $238,540,000 after purchasing an additional 973,543 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Advance Auto Parts by 16.9% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,379,461 shares of the company’s stock worth $675,051,000 after purchasing an additional 634,441 shares in the last quarter. UBS Group AG increased its position in shares of Advance Auto Parts by 97.8% during the second quarter. UBS Group AG now owns 969,660 shares of the company’s stock worth $149,464,000 after purchasing an additional 479,456 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Advance Auto Parts by 81.3% during the second quarter. Bank of America Corp DE now owns 870,271 shares of the company’s stock worth $134,144,000 after purchasing an additional 390,177 shares in the last quarter. 98.96% of the stock is owned by institutional investors and hedge funds.
Advance Auto Parts (NYSE:AAP) last posted its earnings results on Tuesday, August 13th. The company reported $2.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.52% and a return on equity of 15.16%. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the firm earned $1.97 EPS. Advance Auto Parts’s revenue for the quarter was up .2% on a year-over-year basis. Analysts forecast that Advance Auto Parts will post 7.96 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Friday, September 20th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Thursday, September 19th. Advance Auto Parts’s payout ratio is presently 3.37%.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company 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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