JPMorgan Chase & Co. Increases Advance Auto Parts (AAP) Price Target to $140.00

Advance Auto Parts (NYSE:AAP) had its target price hoisted by JPMorgan Chase & Co. from $138.00 to $140.00 in a research note released on Wednesday. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also issued reports on the company. ValuEngine lowered Advance Auto Parts from a hold rating to a sell rating in a research report on Tuesday. Wells Fargo & Co reaffirmed a hold rating and issued a $120.00 target price (up from $110.00) on shares of Advance Auto Parts in a research report on Tuesday. Credit Suisse Group lowered Advance Auto Parts to a hold rating and set a $122.00 target price on the stock. in a research report on Wednesday, May 16th. Zacks Investment Research raised Advance Auto Parts from a sell rating to a hold rating in a research report on Tuesday, May 15th. Finally, Atlantic Securities raised Advance Auto Parts from a neutral rating to an overweight rating and set a $140.00 target price on the stock in a research report on Tuesday, May 8th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $116.33.

NYSE AAP opened at $124.91 on Wednesday. The company has a market capitalization of $9.12 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 1.35 and a beta of 1.05. Advance Auto Parts has a fifty-two week low of $78.81 and a fifty-two week high of $138.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.61 and a quick ratio of 0.36.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Tuesday, May 22nd. The company reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.13. Advance Auto Parts had a return on equity of 13.09% and a net margin of 5.39%. The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the prior year, the company posted $1.60 EPS. Advance Auto Parts’s quarterly revenue was down .6% on a year-over-year basis. sell-side analysts forecast that Advance Auto Parts will post 6.73 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 22nd will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Thursday, June 21st. Advance Auto Parts’s dividend payout ratio is currently 4.47%.

In other news, insider Thomas Greco purchased 8,640 shares of the company’s stock in a transaction that occurred on Wednesday, March 21st. The shares were acquired at an average cost of $115.77 per share, with a total value of $1,000,252.80. Following the transaction, the insider now owns 135,081 shares in the company, valued at approximately $15,638,327.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Tammy M. Finley sold 342 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $116.35, for a total value of $39,791.70. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. grew its stake in Advance Auto Parts by 50.5% during the 1st quarter. Franklin Resources Inc. now owns 5,144,383 shares of the company’s stock worth $609,873,000 after buying an additional 1,725,493 shares during the last quarter. BlackRock Inc. grew its stake in Advance Auto Parts by 0.9% during the 1st quarter. BlackRock Inc. now owns 4,538,370 shares of the company’s stock worth $538,024,000 after buying an additional 40,426 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in Advance Auto Parts by 5.8% during the 1st quarter. Artisan Partners Limited Partnership now owns 3,685,527 shares of the company’s stock worth $436,919,000 after buying an additional 202,716 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Advance Auto Parts by 459.6% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,858,459 shares of the company’s stock worth $220,321,000 after buying an additional 1,526,368 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in Advance Auto Parts by 0.6% during the 1st quarter. Neuberger Berman Group LLC now owns 1,551,429 shares of the company’s stock worth $183,014,000 after buying an additional 9,866 shares during the last quarter.

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.

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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