Advance Auto Parts (AAP) Reaches New 52-Week High After Analyst Upgrade

Advance Auto Parts, Inc. (NYSE:AAP)’s share price reached a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $140.00 to $158.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Advance Auto Parts traded as high as $136.37 and last traded at $135.76, with a volume of 29794 shares traded. The stock had previously closed at $133.83.

A number of other equities analysts also recently commented on AAP. Wedbush reaffirmed a “buy” rating and issued a $130.00 price objective (up previously from $115.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Argus reaffirmed a “buy” rating and issued a $114.00 price objective (down previously from $135.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Stephens reaffirmed a “hold” rating and issued a $113.00 price objective (up previously from $58.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $125.00 price objective (up previously from $100.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Finally, Barclays reaffirmed an “equal weight” rating and issued a $114.00 price objective (up previously from $105.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $118.23.

In other news, insider Thomas Greco purchased 8,640 shares of Advance Auto Parts stock in a transaction dated Wednesday, March 21st. The stock was bought at an average price of $115.77 per share, with a total value of $1,000,252.80. Following the completion of the acquisition, the insider now owns 135,081 shares in the company, valued at approximately $15,638,327.37. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.50% of the company’s stock.

A number of hedge funds have recently bought and sold shares of AAP. SG Americas Securities LLC acquired a new stake in Advance Auto Parts in the fourth quarter worth about $807,000. Mutual of America Capital Management LLC lifted its holdings in Advance Auto Parts by 8.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 8,565 shares of the company’s stock worth $854,000 after purchasing an additional 663 shares during the period. Aperio Group LLC lifted its holdings in Advance Auto Parts by 38.6% in the fourth quarter. Aperio Group LLC now owns 40,405 shares of the company’s stock worth $4,028,000 after purchasing an additional 11,248 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in Advance Auto Parts by 3.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 14,041 shares of the company’s stock worth $1,400,000 after purchasing an additional 453 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in Advance Auto Parts by 13.6% in the fourth quarter. California Public Employees Retirement System now owns 196,402 shares of the company’s stock worth $19,579,000 after purchasing an additional 23,441 shares during the period.

The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 1.79 and a beta of 1.09. The company has a current ratio of 1.61, a quick ratio of 0.40 and a debt-to-equity ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Tuesday, May 22nd. The company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.13. The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.91 billion. Advance Auto Parts had a net margin of 5.39% and a return on equity of 13.09%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.60 earnings per share. research analysts predict that Advance Auto Parts, Inc. will post 6.78 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 22nd will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.17%. The ex-dividend date of this dividend is Thursday, June 21st. Advance Auto Parts’s payout ratio is currently 4.47%.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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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