Wedbush Equities Analysts Reduce Earnings Estimates for AAP

Advance Auto Parts, Inc. (NYSE:AAP) – Equities research analysts at Wedbush reduced their Q3 2024 earnings estimates for Advance Auto Parts in a research note issued to investors on Tuesday, October 15th. Wedbush analyst S. Basham now expects that the company will post earnings of $0.51 per share for the quarter, down from their prior forecast of $0.52. Wedbush currently has a “Outperform” rating and a $55.00 target price on the stock. The consensus estimate for Advance Auto Parts’ current full-year earnings is $2.19 per share.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share (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 0.05% and a net margin of 0.01%. The company’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 earnings per share.

A number of other research firms also recently commented on AAP. Evercore ISI decreased their price objective on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating on the stock in a report on Friday, August 23rd. Roth Mkm reissued a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a report on Wednesday. Truist Financial reduced their price target on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Mizuho reaffirmed a “neutral” rating and issued a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Finally, Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $55.36.

Advance Auto Parts Stock Up 1.9 %

AAP stock opened at $39.36 on Thursday. The company has a market cap of $2.35 billion, a P/E ratio of 57.04, a P/E/G ratio of 1.25 and a beta of 1.16. Advance Auto Parts has a 52 week low of $36.40 and a 52 week high of $88.56. The company’s 50-day moving average price is $45.26 and its 200 day moving average price is $60.17. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is currently 144.93%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Advance Auto Parts by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after buying an additional 40,669 shares during the period. Capital World Investors raised its position in shares of Advance Auto Parts by 67.0% in the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock worth $130,522,000 after buying an additional 615,674 shares during the period. Third Point LLC purchased a new position in shares of Advance Auto Parts in the 1st quarter worth $127,234,000. Dimensional Fund Advisors LP raised its position in shares of Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after buying an additional 547,696 shares during the period. Finally, Dorsal Capital Management LP raised its position in shares of Advance Auto Parts by 159.7% in the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock worth $79,162,000 after buying an additional 768,664 shares during the period. 88.75% 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.