Evercore ISI restated their buy rating on shares of Advance Auto Parts (NYSE:AAP) in a report issued on Tuesday, AnalystRatings.com reports.
“We are trimming 2H19 EPS -$0.10/-3% ahead of 2Q results on Tuesday, as we incorporate recent labor inflation that has been widespread across retail. After choppy 2Q results are released, the setup for AAP starts to improve. Weather should normalize, and compares begin to ease on a 3 year basis next quarter, with 1Q20 comps more favorable still. Critically company specific comp and margin drivers ought to gain traction on a 12-18 month view, just as a rising 4-12 year old vehicle sweet spot helps provide a comp tailwind for AAP and peers. Tariffs remain a risk for all of retail, yet with 25% tariffs already in place on 90%+ of the auto parts imported from China today, AAP and peers are relatively well positioned on this front. 2Q expectations muted given read across from competitors. 2H19 guidance reduction likely.”,” Evercore ISI’s analyst commented.
Several other research analysts also recently commented on the stock. Goldman Sachs Group assumed coverage on shares of Advance Auto Parts in a research note on Thursday, July 11th. They issued a sell rating and a $151.00 price target on the stock. Wedbush reaffirmed an outperform rating and issued a $200.00 price target on shares of Advance Auto Parts in a research note on Thursday, July 11th. Wells Fargo & Co reaffirmed a hold rating and issued a $175.00 price target on shares of Advance Auto Parts in a research note on Wednesday, May 22nd. Northcoast Research reaffirmed a neutral rating on shares of Advance Auto Parts in a research note on Thursday, June 27th. Finally, ValuEngine downgraded shares of Advance Auto Parts from a buy rating to a hold rating in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $181.28.
AAP stock opened at $137.50 on Tuesday. The company has a market capitalization of $10.20 billion, a PE ratio of 19.28, a P/E/G ratio of 1.50 and a beta of 0.87. Advance Auto Parts has a 12 month low of $130.09 and a 12 month high of $186.15. The firm’s 50-day moving average is $152.66 and its 200 day moving average is $159.99. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.36 and a quick ratio of 0.31.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.22 by ($0.22). The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Advance Auto Parts had a return on equity of 15.16% and a net margin of 4.52%. The company’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the business earned $1.97 EPS. Sell-side analysts forecast that Advance Auto Parts will post 8.03 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of AAP. JPMorgan Chase & Co. increased its position in Advance Auto Parts by 125.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,721,715 shares of the company’s stock valued at $412,910,000 after purchasing an additional 1,512,581 shares during the period. Clearbridge Investments LLC increased its position in Advance Auto Parts by 228.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,398,815 shares of the company’s stock valued at $238,540,000 after purchasing an additional 973,543 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in Advance Auto Parts by 16.9% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,379,461 shares of the company’s stock valued at $675,051,000 after purchasing an additional 634,441 shares during the period. Bank of America Corp DE increased its position in Advance Auto Parts by 81.3% during the 2nd quarter. Bank of America Corp DE now owns 870,271 shares of the company’s stock valued at $134,144,000 after purchasing an additional 390,177 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Advance Auto Parts by 7.2% in the 2nd quarter. BlackRock Inc. now owns 5,326,148 shares of the company’s stock valued at $820,972,000 after buying an additional 358,324 shares in the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.
About Advance Auto Parts
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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