Bank of America Corporation downgraded shares of Advance Auto Parts Inc (NYSE:AAP) from a neutral rating to an underperform rating in a research report released on Friday, Marketbeat reports. Bank of America Corporation currently has $90.00 price target on the stock, down from their prior price target of $150.00.
Several other research firms also recently weighed in on AAP. Morgan Stanley restated an overweight rating and issued a $160.00 price target (down from $185.00) on shares of Advance Auto Parts in a research note on Sunday, May 28th. Gabelli upgraded Advance Auto Parts from a hold rating to a buy rating in a research note on Thursday, April 20th. BTIG Research restated a sell rating and issued a $120.00 price target on shares of Advance Auto Parts in a research note on Tuesday, March 28th. Goldman Sachs Group, Inc. (The) restated a buy rating on shares of Advance Auto Parts in a research note on Wednesday, May 31st. Finally, Zacks Investment Research downgraded Advance Auto Parts from a hold rating to a sell rating in a research note on Tuesday, April 25th. Five analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $152.38.
Advance Auto Parts (NYSE:AAP) traded down 0.648% during trading on Friday, hitting $101.269. 1,705,346 shares of the stock were exchanged. Advance Auto Parts has a 1-year low of $99.13 and a 1-year high of $177.83. The company has a 50-day moving average price of $132.91 and a 200 day moving average price of $151.47. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of 18.346 and a beta of 0.88.
Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Wednesday, May 24th. The company reported $1.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.20 by $0.60. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.94 billion. Advance Auto Parts had a net margin of 4.31% and a return on equity of 16.02%. The company’s revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.51 earnings per share. Equities analysts predict that Advance Auto Parts will post $6.63 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Friday, June 23rd were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend was Wednesday, June 21st. Advance Auto Parts’s payout ratio is 4.36%.
In related news, Director Adriana Karaboutis acquired 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, with a total value of $49,647.76. Following the completion of the transaction, the director now directly owns 3,043 shares in the company, valued at $411,657.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Greco acquired 16,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average cost of $134.63 per share, for a total transaction of $2,154,080.00. Following the transaction, the insider now owns 111,030 shares of the company’s stock, valued at $14,947,968.90. The disclosure for this purchase can be found here. Insiders have bought a total of 369,462 shares of company stock worth $49,617,073 in the last three months. Corporate insiders own 4.50% of the company’s stock.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Advance Auto Parts by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,780,206 shares of the company’s stock valued at $1,005,233,000 after buying an additional 212,632 shares in the last quarter. BlackRock Inc. increased its stake in shares of Advance Auto Parts by 3,142.5% in the first quarter. BlackRock Inc. now owns 4,320,280 shares of the company’s stock valued at $640,524,000 after buying an additional 4,187,042 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Advance Auto Parts by 45.7% in the first quarter. Lazard Asset Management LLC now owns 3,135,361 shares of the company’s stock valued at $464,848,000 after buying an additional 983,616 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Advance Auto Parts by 19.2% in the first quarter. American Century Companies Inc. now owns 1,589,566 shares of the company’s stock valued at $235,669,000 after buying an additional 255,548 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Advance Auto Parts by 51.2% in the first quarter. Point72 Asset Management L.P. now owns 1,538,878 shares of the company’s stock valued at $228,154,000 after buying an additional 521,078 shares in the last quarter.
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.
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