Atlantic Securities Downgrades Advance Auto Parts (NYSE:AAP) to Neutral

Atlantic Securities cut shares of Advance Auto Parts (NYSE:AAP) from an overweight rating to a neutral rating in a report published on Thursday, BenzingaRatingsTable reports. Atlantic Securities currently has $159.00 price target on the stock.

AAP has been the subject of several other research reports. Wolfe Research downgraded shares of Advance Auto Parts from an outperform rating to a peer perform rating and set a $128.00 price target for the company. in a research report on Tuesday, October 8th. Wells Fargo & Co reissued a hold rating and set a $165.00 price target on shares of Advance Auto Parts in a research report on Wednesday, January 8th. Raymond James started coverage on shares of Advance Auto Parts in a research report on Monday, October 7th. They set a market perform rating for the company. JPMorgan Chase & Co. downgraded shares of Advance Auto Parts from an overweight rating to a neutral rating and reduced their price target for the company from $168.00 to $163.00 in a research report on Monday, January 13th. Finally, Wedbush cut their target price on shares of Advance Auto Parts to in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $166.33.

Shares of AAP traded down $8.05 on Thursday, hitting $141.68. 1,276,929 shares of the stock traded hands, compared to its average volume of 1,119,271. The company has a market capitalization of $10.23 billion, a PE ratio of 22.85, a P/E/G ratio of 1.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.32 and a current ratio of 1.31. The business has a 50 day simple moving average of $154.92 and a 200 day simple moving average of $154.74. Advance Auto Parts has a one year low of $130.09 and a one year high of $182.56.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.05. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. Advance Auto Parts had a net margin of 4.58% and a return on equity of 15.61%. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.89 earnings per share. On average, equities analysts expect that Advance Auto Parts will post 7.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 20th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $0.24 dividend on an annualized basis and a yield of 0.17%. Advance Auto Parts’s dividend payout ratio is currently 3.37%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Doyle Wealth Management bought a new stake in Advance Auto Parts in the 2nd quarter valued at $31,000. CSat Investment Advisory L.P. increased its holdings in Advance Auto Parts by 66.9% in the 2nd quarter. CSat Investment Advisory L.P. now owns 292 shares of the company’s stock valued at $45,000 after acquiring an additional 117 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in Advance Auto Parts by 3,687.5% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 303 shares of the company’s stock valued at $50,000 after acquiring an additional 295 shares during the last quarter. Citizens Financial Group Inc RI increased its holdings in Advance Auto Parts by 38.9% in the 3rd quarter. Citizens Financial Group Inc RI now owns 307 shares of the company’s stock valued at $51,000 after acquiring an additional 86 shares during the last quarter. Finally, Allred Capital Management LLC bought a new stake in Advance Auto Parts in the 4th quarter valued at $64,000.

About Advance Auto Parts

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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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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