Advance Auto Parts (NYSE:AAP) Downgraded by Guggenheim

Guggenheim lowered shares of Advance Auto Parts (NYSE:AAP) from a buy rating to a neutral rating in a report issued on Wednesday, BenzingaRatingsTable reports.

A number of other brokerages have also recently commented on AAP. William Blair restated an outperform rating on shares of Advance Auto Parts in a report on Wednesday, May 22nd. Wedbush restated an outperform rating and set a $200.00 target price on shares of Advance Auto Parts in a report on Thursday, July 11th. Wells Fargo & Co restated a hold rating and set a $175.00 target price on shares of Advance Auto Parts in a report on Wednesday, May 22nd. Royal Bank of Canada dropped their target price on shares of Advance Auto Parts to $178.00 and set an outperform rating on the stock in a report on Tuesday, May 14th. Finally, Goldman Sachs Group initiated coverage on shares of Advance Auto Parts in a report on Thursday, July 11th. They set a sell rating and a $151.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Advance Auto Parts presently has an average rating of Buy and an average target price of $183.38.

NYSE:AAP opened at $136.59 on Wednesday. The stock has a market cap of $9.74 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 1.47 and a beta of 0.87. The firm’s fifty day simple moving average is $152.35 and its 200 day simple moving average is $159.88. Advance Auto Parts has a twelve month low of $130.09 and a twelve month high of $186.15. The company has a quick ratio of 0.31, a current ratio of 1.36 and a debt-to-equity ratio of 0.76.

Advance Auto Parts (NYSE:AAP) last announced its earnings results on Tuesday, August 13th. The company reported $2.00 EPS for the quarter, missing the Zacks’ consensus estimate of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.52% and a return on equity of 15.16%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $1.97 EPS. The business’s quarterly revenue was up .2% on a year-over-year basis. On average, analysts expect that Advance Auto Parts will post 7.98 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Advance Auto Parts by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 7,477,868 shares of the company’s stock worth $1,152,638,000 after purchasing an additional 56,160 shares during the last quarter. BlackRock Inc. raised its position in shares of Advance Auto Parts by 7.2% in the 2nd quarter. BlackRock Inc. now owns 5,326,148 shares of the company’s stock worth $820,972,000 after purchasing an additional 358,324 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Advance Auto Parts by 16.9% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,379,461 shares of the company’s stock worth $675,051,000 after purchasing an additional 634,441 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Advance Auto Parts by 125.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,721,715 shares of the company’s stock worth $412,910,000 after purchasing an additional 1,512,581 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Advance Auto Parts by 26.7% in the 1st quarter. American Century Companies Inc. now owns 1,454,058 shares of the company’s stock worth $247,961,000 after purchasing an additional 306,824 shares during the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

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.

Further Reading: Rule of 72

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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