Wedbush Reiterates “Neutral” Rating for Advance Auto Parts (NYSE:AAP)

Advance Auto Parts (NYSE:AAP)‘s stock had its “neutral” rating reiterated by investment analysts at Wedbush in a research report issued on Friday, RTT News reports. They presently have a $55.00 price target on the stock, down from their prior price target of $65.00. Wedbush’s price objective points to a potential upside of 11.90% from the company’s previous close.

Several other research analysts have also recently issued reports on AAP. Wells Fargo & Company reissued a “hold” rating and set a $60.00 target price on shares of Advance Auto Parts in a report on Tuesday, August 20th. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a report on Thursday, May 30th. TD Cowen lowered their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Friday. StockNews.com upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a research note on Thursday, May 30th. Finally, UBS Group increased their price target on Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. One analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.86.

Advance Auto Parts Stock Down 3.8 %

AAP stock opened at $49.15 on Friday. The stock has a market capitalization of $2.93 billion, a PE ratio of 71.23, a price-to-earnings-growth ratio of 1.20 and a beta of 1.20. Advance Auto Parts has a 52 week low of $47.73 and a 52 week high of $88.56. The company has a quick ratio of 0.29, a current ratio of 1.22 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average of $60.93 and a 200 day moving average of $68.60.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The business’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 EPS. Sell-side analysts forecast that Advance Auto Parts will post 3.7 earnings per share for the current year.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in AAP. UBS Group AG increased its position in Advance Auto Parts by 337.7% during the fourth quarter. UBS Group AG now owns 811,734 shares of the company’s stock worth $49,540,000 after buying an additional 626,294 shares during the period. Private Advisor Group LLC acquired a new position in Advance Auto Parts in the first quarter valued at $1,172,000. International Assets Investment Management LLC purchased a new stake in shares of Advance Auto Parts in the fourth quarter valued at about $3,363,000. Quadrant Capital Group LLC boosted its stake in shares of Advance Auto Parts by 8.2% during the fourth quarter. Quadrant Capital Group LLC now owns 2,711 shares of the company’s stock worth $165,000 after buying an additional 206 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Advance Auto Parts by 24.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 77,031 shares of the company’s stock worth $6,555,000 after buying an additional 15,093 shares during the last quarter. Institutional investors and hedge funds own 88.75% 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.