Guggenheim Upgrades Advance Auto Parts (AAP) to Buy

Advance Auto Parts (NYSE:AAP) was upgraded by stock analysts at Guggenheim to a “buy” rating in a research report issued on Tuesday. The firm currently has a $131.00 target price on the stock. Guggenheim’s price target points to a potential upside of 23.06% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Argus reaffirmed a “buy” rating and issued a $114.00 price target (down previously from $135.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Wedbush reaffirmed a “buy” rating and issued a $130.00 price target (up previously from $115.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Zacks Investment Research raised Advance Auto Parts from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a report on Tuesday, January 16th. Barclays reaffirmed an “equal weight” rating and issued a $114.00 price target (up previously from $105.00) on shares of Advance Auto Parts in a report on Thursday, February 22nd. Finally, Stephens set a $108.00 price target on Advance Auto Parts and gave the company a “hold” rating in a report on Tuesday, January 16th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $113.13.

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Shares of NYSE:AAP opened at $106.45 on Tuesday. Advance Auto Parts has a 12 month low of $78.81 and a 12 month high of $151.72. The company has a market cap of $7,886.81, a P/E ratio of 19.82, a PEG ratio of 1.29 and a beta of 1.04. The company has a current ratio of 1.56, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Wednesday, February 21st. The company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.12. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Advance Auto Parts had a return on equity of 12.45% and a net margin of 5.07%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.00 earnings per share. analysts anticipate that Advance Auto Parts will post 6.7 earnings per share for the current fiscal year.

In other news, insider Thomas Greco acquired 8,640 shares of the stock in a transaction on Wednesday, March 21st. The shares were purchased at an average cost of $115.77 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John C. Brouillard sold 1,745 shares of Advance Auto Parts stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $116.08, for a total transaction of $202,559.60. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of AAP. Franklin Resources Inc. grew its holdings in shares of Advance Auto Parts by 533.5% during the 4th quarter. Franklin Resources Inc. now owns 3,418,890 shares of the company’s stock valued at $340,831,000 after acquiring an additional 2,879,215 shares in the last quarter. Arlington Value Capital LLC grew its holdings in shares of Advance Auto Parts by 1,435.9% during the 4th quarter. Arlington Value Capital LLC now owns 499,283 shares of the company’s stock valued at $49,773,000 after acquiring an additional 466,776 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Advance Auto Parts during the 4th quarter valued at $41,392,000. ACR Alpine Capital Research LLC grew its holdings in shares of Advance Auto Parts by 44.5% during the 4th quarter. ACR Alpine Capital Research LLC now owns 1,326,271 shares of the company’s stock valued at $132,216,000 after acquiring an additional 408,719 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Advance Auto Parts by 334.2% during the 4th quarter. Renaissance Technologies LLC now owns 500,850 shares of the company’s stock valued at $49,930,000 after acquiring an additional 385,500 shares in the last quarter.

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About Advance Auto Parts

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.

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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