Advance Auto Parts (NYSE:AAP) Stock Price Expected to Rise, Raymond James Analyst Says

Advance Auto Parts (NYSE:AAP) had its price target raised by Raymond James to $49.17 in a research note issued to investors on Monday,Stock Target Advisor reports. The firm currently has a hold rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wedbush restated an “outperform” rating and issued a $55.00 price target on shares of Advance Auto Parts in a research note on Monday, March 3rd. DA Davidson boosted their price objective on shares of Advance Auto Parts from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, May 23rd. Wells Fargo & Company set a $35.00 target price on Advance Auto Parts and gave the company an “equal weight” rating in a research report on Monday, May 19th. Royal Bank of Canada lowered their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of Advance Auto Parts in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.11.

Advance Auto Parts Stock Up 6.4%

Shares of NYSE AAP opened at $52.75 on Monday. Advance Auto Parts has a 1 year low of $28.89 and a 1 year high of $71.09. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.62. The company has a market capitalization of $3.16 billion, a P/E ratio of 72.26, a P/E/G ratio of 1.98 and a beta of 0.93. The company has a 50 day simple moving average of $35.41 and a 200-day simple moving average of $40.62.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Thursday, May 22nd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.59. Advance Auto Parts had a net margin of 0.41% and a return on equity of 1.82%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the previous year, the firm earned $0.67 EPS. The business’s revenue was down 24.2% on a year-over-year basis. On average, equities research analysts predict that Advance Auto Parts will post -0.46 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Friday, July 11th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Friday, July 11th. Advance Auto Parts’s dividend payout ratio (DPR) is presently -17.04%.

Insider Activity at Advance Auto Parts

In related news, Director Eugene I. Lee, Jr. purchased 14,640 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $34.15 per share, with a total value of $499,956.00. Following the completion of the purchase, the director now directly owns 34,070 shares in the company, valued at approximately $1,163,490.50. This trade represents a 75.35% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Shane M. Okelly bought 1,500 shares of Advance Auto Parts stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the acquisition, the chief executive officer now directly owns 183,121 shares of the company’s stock, valued at $6,737,021.59. The trade was a 0.83% increase in their position. The disclosure for this purchase can be found here. 0.35% of the stock is owned by corporate insiders.

Institutional Trading of Advance Auto Parts

A number of institutional investors have recently modified their holdings of AAP. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Advance Auto Parts by 14.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 180,979 shares of the company’s stock worth $7,096,000 after purchasing an additional 23,018 shares during the period. Empowered Funds LLC increased its holdings in Advance Auto Parts by 1.9% during the 1st quarter. Empowered Funds LLC now owns 192,880 shares of the company’s stock worth $7,563,000 after purchasing an additional 3,686 shares during the last quarter. Caxton Associates LLP acquired a new stake in Advance Auto Parts in the first quarter valued at $1,068,000. Goldman Sachs Group Inc. lifted its position in shares of Advance Auto Parts by 327.7% during the first quarter. Goldman Sachs Group Inc. now owns 362,918 shares of the company’s stock worth $14,230,000 after purchasing an additional 278,066 shares during the last quarter. Finally, Scientech Research LLC bought a new position in Advance Auto Parts during the 1st quarter worth approximately $616,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

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.