Advance Auto Parts’ (NYSE:AAP) Outperform Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Advance Auto Parts, Inc. (NYSE:AAP) in a research note published on Thursday, July 6th. Wedbush also issued estimates for Advance Auto Parts’ Q2 2017 earnings at $1.76 EPS, FY2017 earnings at $6.76 EPS, FY2018 earnings at $8.58 EPS and FY2019 earnings at $9.94 EPS.

Other research analysts also recently issued research reports about the stock. Deutsche Bank AG cut their price target on shares of Advance Auto Parts from $192.00 to $164.00 and set a buy rating on the stock in a report on Thursday, May 25th. UBS AG restated a buy rating and set a $170.00 price target (down previously from $180.00) on shares of Advance Auto Parts in a report on Thursday, May 25th. Gabelli upgraded shares of Advance Auto Parts from a hold rating to a buy rating in a research note on Thursday, April 20th. Goldman Sachs Group, Inc. (The) reiterated a buy rating on shares of Advance Auto Parts in a research note on Wednesday, May 31st. Finally, Credit Suisse Group set a $150.00 target price on shares of Advance Auto Parts and gave the company a buy rating in a research note on Monday, June 26th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $149.94.

Shares of Advance Auto Parts (NYSE:AAP) traded up 0.43% during mid-day trading on Thursday, hitting $111.01. The stock had a trading volume of 944,085 shares. Advance Auto Parts has a 12-month low of $99.13 and a 12-month high of $177.83. The company’s 50 day moving average price is $112.57 and its 200 day moving average price is $140.70. The stock has a market cap of $8.19 billion, a P/E ratio of 20.11 and a beta of 0.87.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 24th. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $2.20 by $0.60. The business 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 3.73% and a return on equity of 11.85%. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.51 EPS. Equities research analysts predict that Advance Auto Parts will post $6.41 EPS for the current fiscal year.

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The firm also recently announced 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. The ex-dividend date was Wednesday, June 21st. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. Advance Auto Parts’s dividend payout ratio (DPR) is currently 4.36%.

In other Advance Auto Parts news, Director Eugene I. Lee, Jr. bought 1,895 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were acquired at an average cost of $132.18 per share, for a total transaction of $250,481.10. Following the transaction, the director now owns 4,398 shares in the company, valued at $581,327.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Adriana Karaboutis bought 367 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $135.28 per share, for a total transaction of $49,647.76. Following the completion of the transaction, the director now owns 3,043 shares in the company, valued at approximately $411,657.04. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 369,462 shares of company stock worth $49,617,073. 4.50% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of AAP. IFP Advisors Inc increased its position in shares of Advance Auto Parts by 3.2% in the first quarter. IFP Advisors Inc now owns 767 shares of the company’s stock valued at $114,000 after buying an additional 24 shares in the last quarter. Huntington National Bank increased its position in shares of Advance Auto Parts by 37.1% in the second quarter. Huntington National Bank now owns 1,046 shares of the company’s stock valued at $122,000 after buying an additional 283 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Advance Auto Parts by 14.3% in the second quarter. Global X Management Co. LLC now owns 1,111 shares of the company’s stock valued at $130,000 after buying an additional 139 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Advance Auto Parts by 7.5% in the first quarter. Van ECK Associates Corp now owns 966 shares of the company’s stock valued at $143,000 after buying an additional 67 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Advance Auto Parts during the first quarter valued at about $148,000.

Advance Auto Parts Company Profile

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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