Wedbush Forecasts Increased Earnings for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP) – Research analysts at Wedbush boosted their FY2024 earnings estimates for shares of Advance Auto Parts in a report released on Tuesday, January 28th. Wedbush analyst S. Basham now anticipates that the company will post earnings of ($0.45) per share for the year, up from their prior estimate of ($0.85). 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 ($0.50) per share. Wedbush also issued estimates for Advance Auto Parts’ Q4 2024 earnings at ($1.35) EPS.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets started coverage on Advance Auto Parts in a report on Friday, December 13th. They issued a “market perform” rating and a $45.00 price objective for the company. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Barclays dropped their price objective on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Royal Bank of Canada decreased their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research note on Monday, November 11th. Finally, The Goldman Sachs Group dropped their price target on Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Advance Auto Parts currently has an average rating of “Hold” and an average target price of $47.93.

Advance Auto Parts Trading Up 2.1 %

AAP opened at $49.77 on Thursday. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. Advance Auto Parts has a 52 week low of $35.59 and a 52 week high of $88.56. The stock has a market cap of $2.97 billion, a PE ratio of 68.18, a PEG ratio of 2.13 and a beta of 1.16. The business has a 50 day moving average of $45.27 and a 200-day moving average of $45.99.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.82) earnings per share.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. increased its stake in shares of Advance Auto Parts by 0.5% in the 2nd quarter. Sei Investments Co. now owns 59,679 shares of the company’s stock worth $3,779,000 after purchasing an additional 277 shares in the last quarter. AQR Capital Management LLC increased its position in Advance Auto Parts by 31.0% in the second quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock worth $14,740,000 after buying an additional 55,226 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Advance Auto Parts by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 13,127 shares of the company’s stock worth $831,000 after buying an additional 369 shares in the last quarter. Algert Global LLC bought a new position in shares of Advance Auto Parts in the second quarter worth about $380,000. Finally, Creative Planning lifted its position in shares of Advance Auto Parts by 11.4% during the 2nd quarter. Creative Planning now owns 19,338 shares of the company’s stock valued at $1,225,000 after buying an additional 1,984 shares in the last quarter. 88.75% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total value of $56,220.56. Following the transaction, the executive vice president now owns 24,266 shares in the company, valued at $1,069,159.96. This represents a 5.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is owned by corporate insiders.

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.