Advance Auto Parts Inc (NYSE:AAP) rose 1.3% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $102.89 and last traded at $82.28. Approximately 3,894,400 shares were traded during mid-day trading, an increase of 137% from the average daily volume of 1,644,828 shares. The stock had previously closed at $81.22.
The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.25 by $0.18. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.21 billion. Advance Auto Parts had a return on equity of 14.71% and a net margin of 3.91%. The business’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.73 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 22nd will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. Advance Auto Parts’s dividend payout ratio is currently 4.79%.
Several analysts have weighed in on the company. Bank of America Corporation reaffirmed an “underperform” rating and set a $87.50 target price on shares of Advance Auto Parts in a research note on Tuesday, September 5th. Credit Suisse Group AG set a $100.00 target price on Advance Auto Parts and gave the company a “buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada cut their target price on Advance Auto Parts from $125.00 to $102.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 16th. Citigroup Inc. downgraded Advance Auto Parts from a “strong-buy” rating to a “market perform” rating in a research note on Wednesday, October 4th. Finally, Morgan Stanley lifted their target price on Advance Auto Parts from $92.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $116.44.
Institutional investors have recently made changes to their positions in the company. Legal & General Group Plc grew its holdings in shares of Advance Auto Parts by 5.3% during the second quarter. Legal & General Group Plc now owns 358,722 shares of the company’s stock valued at $41,825,000 after buying an additional 18,209 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Advance Auto Parts by 78.0% during the second quarter. Wells Fargo & Company MN now owns 884,760 shares of the company’s stock valued at $103,155,000 after buying an additional 387,673 shares in the last quarter. Tobam purchased a new position in shares of Advance Auto Parts during the second quarter valued at $118,000. Vanguard Group Inc. grew its holdings in shares of Advance Auto Parts by 2.7% during the second quarter. Vanguard Group Inc. now owns 6,966,176 shares of the company’s stock valued at $812,186,000 after buying an additional 185,970 shares in the last quarter. Finally, ARGA Investment Management LP grew its holdings in shares of Advance Auto Parts by 89.0% during the second quarter. ARGA Investment Management LP now owns 53,300 shares of the company’s stock valued at $6,214,000 after buying an additional 25,100 shares in the last quarter.
The company has a current ratio of 1.48, a quick ratio of 0.29 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $7,240.00, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 1.48 and a beta of 0.90.
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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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