Shares of Advance Auto Parts Inc (NYSE:AAP) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $69.68, but opened at $82.28. Advance Auto Parts shares last traded at $95.72, with a volume of 10153800 shares.

The company reported $1.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.18. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.21 billion. Advance Auto Parts had a return on equity of 13.74% and a net margin of 3.75%. The company’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 22nd will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 21st. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. Advance Auto Parts’s dividend payout ratio (DPR) is 5.03%.

Several brokerages have recently commented on AAP. UBS AG reaffirmed a “buy” rating and set a $118.00 target price (down from $155.00) on shares of Advance Auto Parts in a report on Wednesday, August 16th. Citigroup Inc. reduced their target price on Advance Auto Parts to $99.00 and set a “neutral” rating for the company in a report on Wednesday, August 16th. Royal Bank Of Canada reduced their target price on Advance Auto Parts from $125.00 to $102.00 and set a “sector perform” rating for the company in a report on Wednesday, August 16th. Barclays PLC reaffirmed an “equal weight” rating and set a $90.00 target price (down from $93.00) on shares of Advance Auto Parts in a report on Wednesday, August 16th. Finally, Gabelli reaffirmed a “buy” rating on shares of Advance Auto Parts in a report on Wednesday, August 16th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $104.89.

A number of hedge funds have recently modified their holdings of the business. Veritable L.P. increased its position in Advance Auto Parts by 0.3% in the 2nd quarter. Veritable L.P. now owns 2,008 shares of the company’s stock worth $234,000 after purchasing an additional 6 shares during the last quarter. QS Investors LLC increased its position in Advance Auto Parts by 0.9% in the 2nd quarter. QS Investors LLC now owns 1,017 shares of the company’s stock worth $119,000 after purchasing an additional 9 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Advance Auto Parts by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,486 shares of the company’s stock worth $640,000 after purchasing an additional 14 shares during the last quarter. Advisors Asset Management Inc. increased its position in Advance Auto Parts by 0.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 5,676 shares of the company’s stock worth $662,000 after purchasing an additional 47 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its position in Advance Auto Parts by 0.3% in the 2nd quarter. State of Tennessee Treasury Department now owns 20,197 shares of the company’s stock worth $2,355,000 after purchasing an additional 60 shares during the last quarter.

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.48 and a quick ratio of 0.29. The company has a market cap of $6,690.00, a PE ratio of 17.06, a price-to-earnings-growth ratio of 1.76 and a beta of 0.90.

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Advance Auto Parts Company Profile

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.

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