Advance Auto Parts (AAP) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Advance Auto Parts (NYSE:AAP) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $130.00 price target on the stock.
According to Zacks, “The Zacks Consensus Estimate for Advance Auto Parts’ quarterly earnings has been going up of late. The company is focusing on store expansions in order to enhance its profit. Additionally, it is also working towards the improvement of its comparable store sales and margins in the long-term. The company’s five-year strategy to a productivity pipeline will lead to the elimination of unnecessary costs. Also in the last three months, Advance Auto Parts’ shares have outperformed the industry it belongs.”
AAP has been the subject of several other reports. Raymond James Financial reissued a market perform rating on shares of Advance Auto Parts in a research note on Wednesday, October 4th. BTIG Research reissued a sell rating and set a $75.00 price objective (down from $90.00) on shares of Advance Auto Parts in a research note on Wednesday, October 25th. Royal Bank of Canada boosted their price objective on shares of Advance Auto Parts from $100.00 to $109.00 and gave the company an outperform rating in a research note on Wednesday, November 15th. Morgan Stanley set a $120.00 price objective on shares of Advance Auto Parts and gave the company a buy rating in a research note on Tuesday, December 12th. Finally, Citigroup cut shares of Advance Auto Parts from a strong-buy rating to a market perform rating in a research note on Wednesday, October 4th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $107.91.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Tuesday, November 14th. The company reported $1.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.18. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.21 billion. Advance Auto Parts had a return on equity of 13.51% and a net margin of 3.75%. Advance Auto Parts’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 EPS. research analysts anticipate that Advance Auto Parts will post 5.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 22nd were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, December 21st. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Advance Auto Parts’s dividend payout ratio (DPR) is 5.03%.
Institutional investors have recently made changes to their positions in the stock. QS Investors LLC boosted its position in Advance Auto Parts by 0.9% during the 2nd quarter. QS Investors LLC now owns 1,017 shares of the company’s stock worth $119,000 after purchasing an additional 9 shares during the period. Federated Investors Inc. PA boosted its position in Advance Auto Parts by 763.0% during the 2nd quarter. Federated Investors Inc. PA now owns 1,398 shares of the company’s stock worth $163,000 after purchasing an additional 1,236 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Advance Auto Parts by 4.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,582 shares of the company’s stock worth $184,000 after purchasing an additional 68 shares during the period. Raymond James Trust N.A. boosted its position in Advance Auto Parts by 15.4% during the 2nd quarter. Raymond James Trust N.A. now owns 1,767 shares of the company’s stock worth $206,000 after purchasing an additional 236 shares during the period. Finally, Veritable L.P. boosted its position in Advance Auto Parts by 0.3% during the 2nd quarter. Veritable L.P. now owns 2,008 shares of the company’s stock worth $234,000 after purchasing an additional 6 shares during the period.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Advance Auto Parts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advance Auto Parts and related companies with MarketBeat.com's FREE daily email newsletter.