Advance Auto Parts (NYSE:AAP) had its price target boosted by research analysts at Argus to $184.00 in a research note issued to investors on Monday, The Fly reports. The firm currently has a “buy” rating on the stock. Argus’ target price would suggest a potential upside of 10.05% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other equities analysts have also recently issued reports on AAP. Bank of America upgraded Advance Auto Parts from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $123.00 to $177.00 in a report on Monday. JPMorgan Chase & Co. increased their target price on Advance Auto Parts from $140.00 to $158.00 and gave the company an “overweight” rating in a report on Friday, June 15th. UBS Group restated a “buy” rating and set a $160.00 target price on shares of Advance Auto Parts in a report on Friday, June 22nd. Royal Bank of Canada increased their target price on Advance Auto Parts to $154.00 and gave the company an “outperform” rating in a report on Thursday, July 12th. Finally, Stephens restated a “hold” rating and set a $155.00 target price on shares of Advance Auto Parts in a report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $148.53.
Shares of AAP traded up $1.75 during midday trading on Monday, reaching $167.20. The stock had a trading volume of 7,659 shares, compared to its average volume of 924,988. Advance Auto Parts has a 12-month low of $78.81 and a 12-month high of $170.91. The company has a current ratio of 1.63, a quick ratio of 0.48 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $12.38 billion, a P/E ratio of 31.15, a PEG ratio of 2.25 and a beta of 1.18.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.86 by $0.11. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the business earned $1.48 EPS. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. equities research analysts predict that Advance Auto Parts will post 6.94 EPS for the current year.
Advance Auto Parts declared that its board has approved a share repurchase plan on Tuesday, August 14th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Advance Auto Parts news, Director Nigel Travis purchased 1,250 shares of the stock in a transaction on Friday, August 17th. The stock was acquired at an average price of $159.70 per share, with a total value of $199,625.00. Following the transaction, the director now directly owns 1,250 shares of the company’s stock, valued at approximately $199,625. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.50% of the company’s stock.
Several large investors have recently made changes to their positions in AAP. Franklin Resources Inc. raised its position in shares of Advance Auto Parts by 50.5% in the 1st quarter. Franklin Resources Inc. now owns 5,144,383 shares of the company’s stock worth $609,873,000 after acquiring an additional 1,725,493 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Advance Auto Parts by 459.6% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,858,459 shares of the company’s stock worth $220,321,000 after acquiring an additional 1,526,368 shares in the last quarter. Kiltearn Partners LLP bought a new position in shares of Advance Auto Parts in the 1st quarter worth approximately $82,404,000. Lord Abbett & CO. LLC raised its position in shares of Advance Auto Parts by 293.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 868,502 shares of the company’s stock worth $102,961,000 after acquiring an additional 647,602 shares in the last quarter. Finally, Allen Investment Management LLC bought a new position in shares of Advance Auto Parts in the 1st quarter worth approximately $61,630,000.
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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