Wedbush Decreases Earnings Estimates for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP) – Wedbush dropped their Q3 2024 earnings per share estimates for Advance Auto Parts in a note issued to investors on Tuesday, October 15th. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of $0.51 for the quarter, down from their prior estimate of $0.52. 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.

Advance Auto Parts (NYSE:AAP) last issued 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). Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business posted $1.43 EPS. Advance Auto Parts’s quarterly revenue was down .1% on a year-over-year basis.

AAP has been the topic of several other research reports. TD Cowen cut their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Truist Financial cut their price objective on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday, August 23rd. Roth Mkm reiterated a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a report on Wednesday. JPMorgan Chase & Co. cut their price objective on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, Mizuho reiterated a “neutral” rating and set a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus price target of $55.36.

Advance Auto Parts Trading Up 1.1 %

NYSE:AAP opened at $39.82 on Thursday. Advance Auto Parts has a fifty-two week low of $36.40 and a fifty-two week high of $88.56. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. The stock has a market capitalization of $2.37 billion, a PE ratio of 57.71, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. The business’s 50-day simple moving average is $44.42 and its 200-day simple moving average is $59.71.

Advance Auto Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is 144.93%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. CWM LLC increased its holdings in shares of Advance Auto Parts by 25.7% during the 1st quarter. CWM LLC now owns 1,739 shares of the company’s stock worth $148,000 after acquiring an additional 356 shares during the last quarter. First Hawaiian Bank increased its holdings in shares of Advance Auto Parts by 44.0% during the 1st quarter. First Hawaiian Bank now owns 9,673 shares of the company’s stock worth $823,000 after acquiring an additional 2,957 shares during the last quarter. Radnor Capital Management LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter worth approximately $241,000. Future Financial Wealth Managment LLC acquired a new position in shares of Advance Auto Parts during the 1st quarter worth approximately $43,000. Finally, Hexagon Capital Partners LLC increased its holdings in shares of Advance Auto Parts by 267.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock worth $30,000 after acquiring an additional 257 shares during the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

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.