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Advance Auto Parts Inc (AAP) Shares Gap Down to $98.98

Advance Auto Parts Inc (NYSE:AAP) gapped down prior to trading on Wednesday . The stock had previously closed at $102.92, but opened at $98.98. Advance Auto Parts shares last traded at $94.93, with a volume of 2,780,255 shares changing hands.

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Several equities research analysts have weighed in on AAP shares. BidaskClub downgraded shares of Advance Auto Parts from a “hold” rating to a “sell” rating in a research note on Friday, June 9th. BTIG Research reaffirmed a “sell” rating and issued a $109.00 price target (down from $120.00) on shares of Advance Auto Parts in a research note on Thursday, June 22nd. Credit Suisse Group AG set a $150.00 price target on shares of Advance Auto Parts and gave the company a “buy” rating in a research note on Monday, June 26th. Cleveland Research downgraded shares of Advance Auto Parts from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC lifted their price target on shares of Advance Auto Parts to $150.00 and gave the company a “hold” rating in a research note on Wednesday, June 28th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $118.79.

The firm has a market capitalization of $6.97 billion, a P/E ratio of 18.83 and a beta of 0.92. The company has a 50 day moving average of $96.34 and a 200-day moving average of $120.68.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Tuesday, August 15th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.07). The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a return on equity of 14.71% and a net margin of 3.91%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.90 earnings per share. On average, analysts anticipate that Advance Auto Parts Inc will post $5.17 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. Advance Auto Parts’s payout ratio is 4.80%.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Advance Auto Parts by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 6,966,176 shares of the company’s stock valued at $812,186,000 after purchasing an additional 185,970 shares in the last quarter. BlackRock Inc. increased its stake in Advance Auto Parts by 25.6% during the 2nd quarter. BlackRock Inc. now owns 5,425,799 shares of the company’s stock valued at $632,593,000 after purchasing an additional 1,105,519 shares in the last quarter. Lazard Asset Management LLC increased its stake in Advance Auto Parts by 45.7% during the 1st quarter. Lazard Asset Management LLC now owns 3,135,361 shares of the company’s stock valued at $464,848,000 after purchasing an additional 983,616 shares in the last quarter. American Century Companies Inc. increased its stake in Advance Auto Parts by 32.4% during the 2nd quarter. American Century Companies Inc. now owns 2,104,487 shares of the company’s stock valued at $245,362,000 after purchasing an additional 514,921 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Advance Auto Parts by 51.2% during the 1st quarter. Point72 Asset Management L.P. now owns 1,538,878 shares of the company’s stock valued at $228,154,000 after purchasing an additional 521,078 shares in the last quarter.

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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.