Advance Auto Parts (NYSE:AAP) Earns Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Advance Auto Parts (NYSE:AAP) in a research note published on Friday,Benzinga reports. Wedbush currently has a $55.00 price target on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

Other analysts have also issued research reports about the company. Roth Mkm restated a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Royal Bank of Canada dropped their price objective 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, November 11th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. Finally, Truist Financial cut their price objective on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $49.14.

Advance Auto Parts Stock Down 8.5 %

AAP stock opened at $37.69 on Friday. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 51.63 and a beta of 1.17. The company has a quick ratio of 0.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The business has a 50 day moving average price of $39.02 and a two-hundred day moving average price of $54.11.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.53). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.62 billion. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company posted ($0.82) earnings per share. Analysts anticipate that Advance Auto Parts will post 2.26 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Friday, January 10th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, January 10th. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. Advance Auto Parts’s payout ratio is 136.99%.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Advance Auto Parts during the 1st quarter worth $34,000. Mather Group LLC. lifted its holdings 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 in the 2nd quarter valued at approximately $41,000. Blue Trust Inc. grew its holdings 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 valued at $47,000 after purchasing an additional 436 shares during the last quarter. Finally, AM Squared Ltd bought a new stake in shares of Advance Auto Parts during the 2nd quarter valued at approximately $63,000. 88.75% of the stock is currently 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.