Advance Auto Parts (AAP) Given New $205.00 Price Target at Morgan Stanley

Advance Auto Parts (NYSE:AAP) had its price objective hoisted by Morgan Stanley from $195.00 to $205.00 in a research note released on Tuesday morning, Marketbeat reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other research firms have also recently commented on AAP. Argus raised their price target on shares of Advance Auto Parts from $155.00 to $184.00 and gave the stock a buy rating in a report on Monday, September 17th. They noted that the move was a valuation call. Wells Fargo & Co restated a hold rating on shares of Advance Auto Parts in a report on Tuesday, October 16th. Bank of America upgraded shares of Advance Auto Parts from an underperform rating to a neutral rating and raised their price target for the stock from $123.00 to $177.00 in a report on Monday, September 17th. Wedbush raised their price target on shares of Advance Auto Parts from $175.00 to $185.00 and gave the stock an outperform rating in a report on Friday, October 26th. Finally, Stephens restated a hold rating and issued a $155.00 price target on shares of Advance Auto Parts in a report on Thursday, August 16th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $155.11.

NYSE:AAP traded up $1.35 during trading hours on Tuesday, reaching $169.44. The company had a trading volume of 4,216 shares, compared to its average volume of 1,248,002. 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 $12.22 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 1.92 and a beta of 1.04. Advance Auto Parts has a twelve month low of $78.81 and a twelve month high of $171.50.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.11. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Advance Auto Parts had a net margin of 5.68% and a return on equity of 13.43%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the company posted $1.48 earnings per share. Equities analysts predict that Advance Auto Parts will post 6.97 earnings per share for the current fiscal year.

Advance Auto Parts declared that its board has authorized a share repurchase plan on Tuesday, August 14th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In other news, Director Nigel Travis purchased 1,250 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were bought at an average cost of $159.70 per share, with a total value of $199,625.00. Following the completion of the transaction, the director now directly owns 1,250 shares of the company’s stock, valued at $199,625. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.50% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AAP. JPMorgan Chase & Co. lifted its position in shares of Advance Auto Parts by 892.6% during the third quarter. JPMorgan Chase & Co. now owns 430,256 shares of the company’s stock valued at $72,425,000 after purchasing an additional 386,910 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Advance Auto Parts during the second quarter valued at about $49,991,000. Boston Partners bought a new position in shares of Advance Auto Parts during the second quarter valued at about $40,706,000. Allen Investment Management LLC lifted its position in shares of Advance Auto Parts by 52.1% during the second quarter. Allen Investment Management LLC now owns 790,508 shares of the company’s stock valued at $107,272,000 after purchasing an additional 270,641 shares in the last quarter. Finally, Smith Asset Management Group LP bought a new position in shares of Advance Auto Parts during the third quarter valued at about $41,266,000.

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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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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