Wedbush Forecasts Higher Earnings for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP - Free Report) - Wedbush upped their FY2024 earnings estimates for Advance Auto Parts in a research report issued to clients and investors on Tuesday, January 28th. Wedbush analyst S. Basham now expects that the company will post earnings of ($0.45) per share for the year, up from their prior estimate of ($0.85). 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 ($0.46) per share. Wedbush also issued estimates for Advance Auto Parts' Q4 2024 earnings at ($1.35) EPS.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its 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 company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period last year, the company posted ($0.82) earnings per share. The business's revenue for the quarter was down 3.2% compared to the same quarter last year.

A number of other research analysts have also recently issued reports on the stock. The Goldman Sachs Group decreased their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a "neutral" rating on the stock in a research note on Friday, November 15th. Roth Mkm reissued a "neutral" rating and set a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday, October 16th. Royal Bank of Canada dropped their price objective on Advance Auto Parts from $52.00 to $46.00 and set a "sector perform" rating for the company in a research report on Monday, November 11th. Evercore ISI lifted their target price on Advance Auto Parts from $45.00 to $60.00 and gave the company a "hold" rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company increased their target price on shares of Advance Auto Parts from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $47.93.

Advance Auto Parts Price Performance

AAP stock traded down $0.08 during mid-day trading on Thursday, hitting $49.71. The stock had a trading volume of 78,377 shares, compared to its average volume of 1,593,802. The firm has a fifty day simple moving average of $45.27 and a 200 day simple moving average of $45.99. The firm has a market capitalization of $2.97 billion, a P/E ratio of 68.10, a P/E/G ratio of 2.23 and a beta of 1.16. The company has a current ratio of 1.34, a quick ratio of 0.62 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.

Insider Activity

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the company's stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total transaction of $56,220.56. Following the transaction, the executive vice president now owns 24,266 shares in the company, valued at approximately $1,069,159.96. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. raised its stake in shares of Advance Auto Parts by 0.5% in the second quarter. Sei Investments Co. now owns 59,679 shares of the company's stock worth $3,779,000 after purchasing an additional 277 shares during the last quarter. AQR Capital Management LLC raised its position in Advance Auto Parts by 31.0% in the 2nd quarter. AQR Capital Management LLC now owns 233,521 shares of the company's stock valued at $14,740,000 after buying an additional 55,226 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Advance Auto Parts by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,127 shares of the company's stock valued at $831,000 after acquiring an additional 369 shares in the last quarter. Algert Global LLC purchased a new position in Advance Auto Parts during the 2nd quarter worth $380,000. Finally, Creative Planning grew its stake in shares of Advance Auto Parts by 11.4% in the 2nd quarter. Creative Planning now owns 19,338 shares of the company's stock worth $1,225,000 after acquiring an additional 1,984 shares in 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.