Wedbush Lifts Earnings Estimates for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP - Free Report) - Investment analysts at Wedbush boosted their FY2024 earnings per share (EPS) estimates for Advance Auto Parts in a research report issued to clients and investors on Tuesday, January 28th. Wedbush analyst S. Basham now anticipates that the company will post earnings per share of ($0.45) for the year, up from their prior estimate of ($0.85). Wedbush has a "Outperform" rating and a $55.00 price target 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.

AAP has been the topic of a number of other research reports. Evercore ISI boosted their price objective on Advance Auto Parts from $45.00 to $60.00 and gave the stock a "hold" rating in a research note on Wednesday, November 20th. Barclays lowered their price objective on shares of Advance Auto Parts from $66.00 to $54.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. DA Davidson reissued a "neutral" rating and set a $45.00 target price on shares of Advance Auto Parts in a research report on Friday, November 15th. Roth Capital raised shares of Advance Auto Parts to a "hold" rating in a report on Tuesday, October 15th. Finally, Truist Financial dropped their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a "hold" rating on the stock in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of "Hold" and an average target price of $47.93.

Advance Auto Parts Stock Up 2.1 %

Shares of NYSE:AAP traded up $1.03 during midday trading on Thursday, hitting $49.77. 1,528,093 shares of the company's stock traded hands, compared to its average volume of 1,631,950. 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 $2.97 billion, a PE ratio of 68.18, a P/E/G ratio of 2.13 and a beta of 1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The firm's fifty day moving average price is $45.05 and its two-hundred day moving average price is $45.97.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its earnings results on Thursday, November 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.53). The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the company posted ($0.82) EPS.

Hedge Funds Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sei Investments Co. raised its position in shares of Advance Auto Parts by 0.5% during 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 period. Yousif Capital Management LLC raised its holdings in Advance Auto Parts by 1.1% during the 4th quarter. Yousif Capital Management LLC now owns 26,258 shares of the company's stock worth $1,242,000 after buying an additional 281 shares during the period. Everence Capital Management Inc. lifted its stake in Advance Auto Parts by 3.7% during the third quarter. Everence Capital Management Inc. now owns 8,330 shares of the company's stock valued at $325,000 after buying an additional 300 shares in the last quarter. Ingalls & Snyder LLC boosted its holdings in shares of Advance Auto Parts by 5.0% in the fourth quarter. Ingalls & Snyder LLC now owns 6,680 shares of the company's stock worth $316,000 after buying an additional 317 shares during the period. Finally, Versant Capital Management Inc raised its holdings in shares of Advance Auto Parts by 207.4% during the fourth quarter. Versant Capital Management Inc now owns 541 shares of the company's stock valued at $26,000 after acquiring an additional 365 shares during the period. 88.75% of the stock is owned by institutional investors.

Insider Activity

In other Advance Auto Parts news, EVP Tammy M. Finley sold 1,276 shares of the firm's 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 sale, the executive vice president now owns 24,266 shares in the company, valued at approximately $1,069,159.96. This trade represents a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.35% of the company's stock.

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.