Advance Auto Parts Inc (AAP) Price Target Cut to $125.00

Advance Auto Parts Inc (NYSE:AAP) had its target price cut by analysts at Royal Bank of Canada from $153.00 to $125.00 in a report issued on Thursday, Marketbeat reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 22.63% from the company’s current price.

Several other equities analysts have also commented on AAP. Wedbush reissued an “outperform” rating and issued a $185.00 target price on shares of Advance Auto Parts in a report on Wednesday, March 15th. BTIG Research reaffirmed a “sell” rating and set a $120.00 price target on shares of Advance Auto Parts in a report on Tuesday, March 28th. TheStreet lowered shares of Advance Auto Parts from a “b” rating to a “c+” rating in a report on Monday, March 27th. Gabelli raised shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a report on Thursday, April 20th. Finally, Citigroup Inc. decreased their price target on shares of Advance Auto Parts from $177.00 to $168.00 and set a “neutral” rating on the stock in a report on Tuesday, April 25th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $152.38.

Shares of Advance Auto Parts (NYSE:AAP) opened at 101.93 on Thursday. The firm’s 50-day moving average is $132.91 and its 200 day moving average is $151.47. Advance Auto Parts has a 52 week low of $99.13 and a 52 week high of $177.83. The company has a market capitalization of $7.52 billion, a PE ratio of 18.47 and a beta of 0.88.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Wednesday, May 24th. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $2.20 by $0.60. Advance Auto Parts had a net margin of 4.31% and a return on equity of 16.02%. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the prior year, the business earned $2.51 earnings per share. Advance Auto Parts’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, analysts anticipate that Advance Auto Parts will post $6.63 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Friday, June 23rd were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, June 21st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Advance Auto Parts’s payout ratio is presently 4.36%.

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In related news, insider Thomas Greco bought 16,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $134.63 per share, for a total transaction of $2,154,080.00. Following the transaction, the insider now directly owns 111,030 shares of the company’s stock, valued at $14,947,968.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Adriana Karaboutis bought 367 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $135.28 per share, for a total transaction of $49,647.76. Following the transaction, the director now directly owns 3,043 shares in the company, valued at $411,657.04. The disclosure for this purchase can be found here. Insiders have purchased a total of 369,462 shares of company stock worth $49,617,073 in the last quarter. 4.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new position in Advance Auto Parts during the fourth quarter valued at $11,661,000. Thrivent Financial for Lutherans increased its position in Advance Auto Parts by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 2,550 shares of the company’s stock valued at $431,000 after buying an additional 130 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Advance Auto Parts during the fourth quarter valued at $715,000. Kentucky Retirement Systems acquired a new position in Advance Auto Parts during the fourth quarter valued at $904,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Advance Auto Parts during the fourth quarter valued at $403,000.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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