Bank of America upgraded shares of Advance Auto Parts (NYSE:AAP) from an underperform rating to a neutral rating in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has $177.00 price target on the stock, up from their prior price target of $123.00.

Other equities research analysts have also recently issued reports about the company. TheStreet raised Advance Auto Parts from a c+ rating to a b- rating in a research note on Friday, June 1st. Credit Suisse Group raised Advance Auto Parts to a buy rating and set a $130.00 price target on the stock in a research note on Wednesday, May 23rd. Argus set a $155.00 price target on Advance Auto Parts and gave the stock a buy rating in a research note on Friday, July 6th. ValuEngine raised Advance Auto Parts from a hold rating to a buy rating in a research note on Thursday, July 5th. Finally, UBS Group reaffirmed a buy rating and issued a $160.00 price target on shares of Advance Auto Parts in a research note on Friday, June 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $148.53.

Shares of AAP stock opened at $163.50 on Monday. The firm has a market capitalization of $12.38 billion, a P/E ratio of 30.45, a PEG ratio of 2.25 and a beta of 1.18. Advance Auto Parts has a twelve month low of $78.81 and a twelve month high of $170.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.48 and a current ratio of 1.63.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Advance Auto Parts had a return on equity of 13.43% and a net margin of 5.68%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 earnings per share. equities analysts anticipate that Advance Auto Parts will post 6.94 earnings per share for the current fiscal year.

Advance Auto Parts announced that its board has approved a share repurchase program on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 21st will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.15%. Advance Auto Parts’s dividend payout ratio is currently 4.47%.

In related news, Director Nigel Travis bought 1,250 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were purchased at an average cost of $159.70 per share, with a total value of $199,625.00. Following the completion of the purchase, the director now owns 1,250 shares in the company, valued at approximately $199,625. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.50% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in shares of Advance Auto Parts by 50.5% during the first quarter. Franklin Resources Inc. now owns 5,144,383 shares of the company’s stock valued at $609,873,000 after purchasing an additional 1,725,493 shares in the last quarter. BlackRock Inc. lifted its holdings in Advance Auto Parts by 0.9% in the first quarter. BlackRock Inc. now owns 4,538,370 shares of the company’s stock valued at $538,024,000 after acquiring an additional 40,426 shares during the period. Artisan Partners Limited Partnership lifted its holdings in Advance Auto Parts by 5.8% in the first quarter. Artisan Partners Limited Partnership now owns 3,685,527 shares of the company’s stock valued at $436,919,000 after acquiring an additional 202,716 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Advance Auto Parts by 459.6% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,858,459 shares of the company’s stock valued at $220,321,000 after acquiring an additional 1,526,368 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in Advance Auto Parts by 3.3% in the first quarter. Schroder Investment Management Group now owns 1,473,447 shares of the company’s stock valued at $174,677,000 after acquiring an additional 46,943 shares during the period.

Advance Auto Parts Company Profile

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

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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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