Wedbush Reaffirms “Outperform” Rating for Advance Auto Parts (NYSE:AAP)

Wedbush reaffirmed their outperform rating on shares of Advance Auto Parts (NYSE:AAP) in a research note issued to investors on Thursday morning, RTT News reports. The brokerage currently has a $200.00 target price on the stock.

AAP has been the topic of a number of other research reports. Northcoast Research restated a neutral rating on shares of Advance Auto Parts in a research report on Thursday, June 27th. Wells Fargo & Co reissued a hold rating and set a $175.00 price objective on shares of Advance Auto Parts in a report on Wednesday, May 22nd. Zacks Investment Research lowered German American Bancorp. from a buy rating to a hold rating in a report on Tuesday, April 30th. William Blair reaffirmed an outperform rating on shares of Advance Auto Parts in a report on Wednesday, May 22nd. Finally, Evercore ISI began coverage on Polarityte in a research note on Wednesday, March 20th. They set an outperform rating and a $26.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $189.33.

Advance Auto Parts stock opened at $158.58 on Thursday. The business’s fifty day moving average is $155.26. The company has a quick ratio of 0.31, a current ratio of 1.35 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $11.21 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 1.65 and a beta of 0.90. Advance Auto Parts has a 52-week low of $138.67 and a 52-week high of $186.15.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 22nd. The company reported $2.46 EPS for the quarter, topping the Zacks’ consensus estimate of $2.36 by $0.10. The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.94 billion. Advance Auto Parts had a return on equity of 15.23% and a net margin of 4.45%. Advance Auto Parts’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.10 earnings per share. On average, sell-side analysts forecast that Advance Auto Parts will post 8.2 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Friday, June 21st were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $0.24 annualized dividend and a yield of 0.15%. Advance Auto Parts’s payout ratio is 3.37%.

Several institutional investors have recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC purchased a new position in shares of Advance Auto Parts during the first quarter worth $40,000. Pinnacle Financial Partners Inc. purchased a new stake in shares of Advance Auto Parts during the first quarter worth about $43,000. Zions Bancorporation N.A. increased its stake in shares of Advance Auto Parts by 258.9% during the first quarter. Zions Bancorporation N.A. now owns 402 shares of the company’s stock worth $69,000 after purchasing an additional 290 shares in the last quarter. Icon Wealth Partners LLC purchased a new stake in shares of Advance Auto Parts during the first quarter worth about $81,000. Finally, Meridian Wealth Management LLC acquired a new position in Advance Auto Parts during the first quarter worth about $85,000. Institutional investors and hedge funds own 98.87% of the company’s stock.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company 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.

Recommended Story: Moving Average (MA)

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

Receive News & Ratings for Advance Auto Parts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advance Auto Parts and related companies with MarketBeat.com's FREE daily email newsletter.