Wedbush Predicts Increased Earnings for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP) – Wedbush lifted their FY2024 earnings per share estimates for Advance Auto Parts in a report released 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 previous estimate of ($0.85). Wedbush currently 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.

A number of other equities analysts have also weighed in on the company. Roth Mkm reissued a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. UBS Group upped their price target on Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. The Goldman Sachs Group decreased their price target on 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. Barclays decreased their price target on 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. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $45.00 price target on shares of Advance Auto Parts in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and a consensus price target of $47.93.

Advance Auto Parts Stock Performance

NYSE AAP opened at $49.01 on Thursday. The stock’s fifty day moving average is $45.05 and its two-hundred day moving average is $45.97. The firm has a market capitalization of $2.93 billion, a P/E ratio of 67.13, a price-to-earnings-growth 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. Advance Auto Parts has a fifty-two week low of $35.59 and a fifty-two week high of $88.56.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). The company 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 business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm posted ($0.82) EPS.

Insider Activity

In other news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction dated Thursday, December 5th. The stock was 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 approximately $1,069,159.96. This represents a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.35% of the company’s stock.

Institutional Trading of Advance Auto Parts

Large investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Advance Auto Parts in the 3rd quarter valued at about $14,684,000. Wolverine Asset Management LLC boosted its position in shares of Advance Auto Parts by 212.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock valued at $1,223,000 after purchasing an additional 21,320 shares during the period. Quest Partners LLC acquired a new stake in shares of Advance Auto Parts in the 3rd quarter valued at about $579,000. Moody National Bank Trust Division acquired a new stake in shares of Advance Auto Parts in the 4th quarter valued at about $1,196,000. Finally, FORA Capital LLC acquired a new stake in Advance Auto Parts during the 3rd quarter worth approximately $2,144,000. 88.75% of the stock is owned by institutional investors and hedge funds.

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.