Advance Auto Parts, Inc. (NYSE:AAP)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $156.91, but opened at $161.30. Advance Auto Parts shares last traded at $166.29, with a volume of 3084169 shares traded.
The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.36 by $0.10. Advance Auto Parts had a return on equity of 14.64% and a net margin of 4.42%. The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the company earned $2.10 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year.
Several research analysts have recently commented on the company. Wells Fargo & Co reaffirmed a “hold” rating and issued a $175.00 price objective on shares of Advance Auto Parts in a research note on Wednesday. Royal Bank of Canada decreased their price objective on Advance Auto Parts to $178.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Zacks Investment Research raised Advance Auto Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, April 30th. Citigroup decreased their price objective on Advance Auto Parts from $188.00 to $182.00 and set a “neutral” rating on the stock in a research note on Monday, April 1st. Finally, Evercore ISI assumed coverage on Advance Auto Parts in a research note on Wednesday, March 20th. They issued an “outperform” rating and a $185.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Advance Auto Parts currently has an average rating of “Buy” and a consensus target price of $190.71.
The firm has a market cap of $11.37 billion, a price-to-earnings ratio of 23.32, a P/E/G ratio of 1.51 and a beta of 0.97. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.57 and a quick ratio of 0.44.
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About Advance Auto Parts (NYSE:AAP)
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.
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