Advance Auto Parts (NYSE:AAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Advance Auto Parts reported adjusted earnings of 77 cents per share in the fourth quarter of fiscal 2017 (ended Dec 30, 2017), surpassing the Zacks Consensus Estimate of 65 cents. The revenues also beat the Zacks Consensus Estimate. Over the last three months, shares of the company outperformed the industry. Also, the stock has seen the Zacks Consensus Estimate for current year earnings being revised upward over the last 30 days. Also, the company is going well with its transformation plan of lowering down unnecessary expenses. It is also focusing on store expansions in order to enhance its profitability. However, the pricing competition that it has been facing is also a concern for the company. Improved quality of new vehicles can also affect demand of Advance Auto Parts’ products.”
Other equities analysts also recently issued research reports about the stock. Morgan Stanley upped their price objective on shares of Advance Auto Parts from $92.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 8th. Royal Bank of Canada upped their price objective on shares of Advance Auto Parts from $100.00 to $109.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 15th. Moffett Nathanson began coverage on shares of Advance Auto Parts in a research report on Monday, December 4th. They set a “neutral” rating for the company. Barclays restated an “equal weight” rating and set a $114.00 price objective (up previously from $105.00) on shares of Advance Auto Parts in a research report on Thursday. Finally, Stephens restated a “hold” rating and set a $113.00 price objective (up previously from $58.00) on shares of Advance Auto Parts in a research report on Thursday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $112.14.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.65 by $0.12. The firm had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.01 billion. Advance Auto Parts had a net margin of 5.07% and a return on equity of 12.45%. Advance Auto Parts’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.00 EPS. research analysts anticipate that Advance Auto Parts will post 6.74 EPS for the current year.
Several large investors have recently bought and sold shares of the company. Xact Kapitalforvaltning AB grew its stake in shares of Advance Auto Parts by 6.1% during the 4th quarter. Xact Kapitalforvaltning AB now owns 13,546 shares of the company’s stock worth $1,350,000 after purchasing an additional 774 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Advance Auto Parts by 19.6% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 34,912 shares of the company’s stock worth $3,480,000 after purchasing an additional 5,722 shares during the period. Pin Oak Investment Advisors Inc. acquired a new position in shares of Advance Auto Parts during the 4th quarter worth $2,116,000. We Are One Seven LLC acquired a new position in shares of Advance Auto Parts during the 4th quarter worth $820,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. grew its stake in shares of Advance Auto Parts by 55.6% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 4,200 shares of the company’s stock worth $419,000 after purchasing an additional 1,500 shares during the period.
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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.
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