Advance Auto Parts (NYSE:AAP – Free Report) had its price target decreased by Morgan Stanley from $80.00 to $75.00 in a research report sent to investors on Thursday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.
AAP has been the topic of a number of other reports. Evercore ISI decreased their price objective on shares of Advance Auto Parts from $145.00 to $80.00 in a research note on Thursday, June 1st. Barclays decreased their price objective on shares of Advance Auto Parts from $129.00 to $69.00 in a research note on Thursday, June 1st. Stephens reissued an equal weight rating and issued a $77.00 price objective on shares of Advance Auto Parts in a research note on Tuesday. Atlantic Securities cut shares of Advance Auto Parts from a neutral rating to an underweight rating and decreased their price objective for the company from $130.00 to $50.00 in a research note on Monday, July 10th. Finally, Royal Bank of Canada decreased their price objective on shares of Advance Auto Parts from $84.00 to $70.00 and set a sector perform rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $95.05.
Check Out Our Latest Research Report on Advance Auto Parts
Advance Auto Parts Stock Down 2.2 %
Advance Auto Parts (NYSE:AAP – Get Free Report) last announced its earnings results on Wednesday, August 23rd. The company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.23). Advance Auto Parts had a return on equity of 22.67% and a net margin of 3.61%. The business had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the business posted $3.74 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Equities research analysts forecast that Advance Auto Parts will post 5.98 EPS for the current year.
Advance Auto Parts Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be issued a $0.25 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.00 annualized dividend and a yield of 1.47%. Advance Auto Parts’s payout ratio is 14.86%.
Insider Activity at Advance Auto Parts
In related news, Director Douglas A. Pertz acquired 4,575 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were bought at an average price of $66.02 per share, with a total value of $302,041.50. Following the transaction, the director now directly owns 12,831 shares of the company’s stock, valued at $847,102.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Douglas A. Pertz acquired 4,575 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were bought at an average price of $66.02 per share, with a total value of $302,041.50. Following the transaction, the director now directly owns 12,831 shares of the company’s stock, valued at $847,102.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carla Jean Bailo acquired 500 shares of the business’s stock in a transaction dated Wednesday, June 7th. The shares were bought at an average cost of $65.90 per share, for a total transaction of $32,950.00. Following the transaction, the director now directly owns 500 shares in the company, valued at $32,950. The disclosure for this purchase can be found here. Insiders have bought a total of 5,463 shares of company stock worth $359,924 over the last quarter. Company insiders own 0.63% of the company’s stock.
Hedge Funds Weigh In On Advance Auto Parts
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Advance Auto Parts by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock worth $1,442,611,000 after acquiring an additional 261,715 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Advance Auto Parts by 9.3% in the 2nd quarter. BlackRock Inc. now owns 4,435,265 shares of the company’s stock worth $311,799,000 after acquiring an additional 376,025 shares during the last quarter. State Street Corp raised its holdings in shares of Advance Auto Parts by 28.2% in the 1st quarter. State Street Corp now owns 3,431,787 shares of the company’s stock worth $417,340,000 after acquiring an additional 754,027 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Advance Auto Parts by 3.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock worth $685,801,000 after acquiring an additional 114,789 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Advance Auto Parts by 3.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,423,606 shares of the company’s stock worth $100,080,000 after acquiring an additional 52,676 shares during the last quarter. Institutional investors own 91.32% of the company’s stock.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company 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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