Advance Auto Parts (NYSE:AAP) had its target price increased by research analysts at Royal Bank of Canada to $170.00 in a report issued on Thursday, The Fly reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 6.44% from the company’s previous close.

AAP has been the topic of several other reports. Credit Suisse Group upgraded Advance Auto Parts to a “buy” rating and set a $122.00 price objective on the stock in a research note on Sunday, April 22nd. Wells Fargo & Co started coverage on Advance Auto Parts in a research note on Monday, April 23rd. They set a “market perform” rating and a $110.00 price objective on the stock. Zacks Investment Research cut Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Tuesday, April 24th. Atlantic Securities upgraded Advance Auto Parts from a “neutral” rating to an “overweight” rating and set a $140.00 price objective on the stock in a research note on Tuesday, May 8th. Finally, ValuEngine cut Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Tuesday, May 22nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $143.11.

AAP stock opened at $159.72 on Thursday. Advance Auto Parts has a twelve month low of $78.81 and a twelve month high of $160.63. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.61 and a quick ratio of 0.40. The company has a market cap of $10.83 billion, a PE ratio of 29.74, a P/E/G ratio of 1.96 and a beta of 1.12.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.11. Advance Auto Parts had a net margin of 5.39% and a return on equity of 13.09%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the company earned $1.48 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. analysts anticipate that Advance Auto Parts will post 6.8 EPS for the current year.

Advance Auto Parts announced that its board has initiated a share repurchase plan on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In related news, Director Nigel Travis bought 1,250 shares of the business’s stock in a transaction on Friday, August 17th. The shares were bought at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the completion of the purchase, the director now owns 1,250 shares of the company’s stock, valued at approximately $199,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.50% of the company’s stock.

A number of hedge funds have recently bought and sold shares of AAP. Franklin Resources Inc. lifted its stake in Advance Auto Parts by 50.5% in the first quarter. Franklin Resources Inc. now owns 5,144,383 shares of the company’s stock valued at $609,873,000 after buying an additional 1,725,493 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Advance Auto Parts by 459.6% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,858,459 shares of the company’s stock valued at $220,321,000 after buying an additional 1,526,368 shares during the last quarter. Kiltearn Partners LLP bought a new stake in Advance Auto Parts in the first quarter valued at $82,404,000. Lord Abbett & CO. LLC lifted its stake in Advance Auto Parts by 293.2% in the first quarter. Lord Abbett & CO. LLC now owns 868,502 shares of the company’s stock valued at $102,961,000 after buying an additional 647,602 shares during the last quarter. Finally, Allen Investment Management LLC bought a new stake in shares of Advance Auto Parts during the first quarter valued at about $61,630,000.

About Advance Auto Parts

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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