Wedbush Estimates Advance Auto Parts’ Q3 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) – Investment analysts at Wedbush dropped their Q3 2024 earnings estimates for shares of Advance Auto Parts in a report released on Monday, November 11th. Wedbush analyst S. Basham now expects that the company will earn $0.48 per share for the quarter, down from their prior forecast of $0.51. Wedbush has a “Outperform” rating and a $55.00 price objective on the stock. The consensus estimate for Advance Auto Parts’ current full-year earnings is $2.19 per share. Wedbush also issued estimates for Advance Auto Parts’ Q4 2024 earnings at $0.35 EPS and FY2024 earnings at $2.25 EPS.

A number of other research analysts have also issued reports on AAP. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Mizuho reiterated a “neutral” rating and issued a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a research note on Thursday, September 12th. Roth Mkm restated a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. Royal Bank of Canada decreased their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research report on Monday. Finally, TD Cowen decreased their price target on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.08.

Advance Auto Parts Stock Up 2.6 %

Advance Auto Parts stock opened at $40.96 on Tuesday. The company has a market capitalization of $2.44 billion, a P/E ratio of 4,096.00, a P/E/G ratio of 1.30 and a beta of 1.17. The firm’s fifty day simple moving average is $39.05 and its 200-day simple moving average is $54.72. 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 has a 1-year low of $35.59 and a 1-year high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its 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 company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.43 EPS.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Advance Auto Parts in the first quarter worth about $34,000. Mather Group LLC. raised its stake in shares of Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after acquiring an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $41,000. Blue Trust Inc. grew its position in shares of Advance Auto Parts by 56.7% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after buying an additional 436 shares during the period. Finally, AM Squared Ltd acquired a new stake in shares of Advance Auto Parts during the 2nd quarter worth approximately $63,000. 88.75% of the stock is owned by institutional investors.

About Advance Auto Parts

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.