Brokers Set Expectations for Advance Auto Parts, Inc.’s Q3 2024 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) – Stock analysts at Wedbush reduced their Q3 2024 earnings estimates for Advance Auto Parts in a research report issued on Tuesday, October 15th. Wedbush analyst S. Basham now forecasts that the company will post earnings of $0.51 per share for the quarter, down from their prior estimate of $0.52. 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 $2.19 per share.

AAP has been the subject of several other research reports. Truist Financial lowered their price target on Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Wells Fargo & Company decreased their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Roth Mkm restated a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday. TD Cowen decreased their price objective on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $55.36.

Advance Auto Parts Stock Performance

Shares of NYSE AAP opened at $38.60 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30. Advance Auto Parts has a one year low of $36.40 and a one year high of $88.56. The business’s 50-day moving average price is $45.67 and its two-hundred day moving average price is $60.32. The company has a market capitalization of $2.30 billion, a P/E ratio of 55.94, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the firm earned $1.43 earnings per share. The company’s revenue was down .1% on a year-over-year basis.

Institutional Investors Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC boosted its holdings in Advance Auto Parts by 267.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock valued at $30,000 after purchasing an additional 257 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Advance Auto Parts during the first quarter valued at about $34,000. Mather Group LLC. raised its position in shares of Advance Auto Parts by 1,241.7% during the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock valued at $41,000 after buying an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Advance Auto Parts in the second quarter valued at about $41,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Advance Auto Parts during the first quarter worth about $43,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

Advance Auto Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. Advance Auto Parts’s dividend payout ratio (DPR) is presently 144.93%.

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.