Q3 EPS Forecast for Advance Auto Parts Reduced by Analyst

Advance Auto Parts, Inc. (NYSE:AAP) – Equities researchers at Wedbush reduced their Q3 2024 earnings estimates for shares of Advance Auto Parts in a research report issued on Monday, November 11th. Wedbush analyst S. Basham now expects that the company will post earnings per share of $0.48 for the quarter, down from their previous estimate of $0.51. 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 $2.19 per share. Wedbush also issued estimates for Advance Auto Parts’ Q4 2024 earnings at $0.35 EPS and FY2024 earnings at $2.25 EPS.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share 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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the firm posted $1.43 earnings per share. The business’s revenue was down .1% compared to the same quarter last year.

A number of other analysts also recently weighed in on AAP. Evercore ISI reduced their target price on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. Mizuho reiterated a “neutral” rating and set a $38.00 target price (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Roth Mkm restated a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research note on Wednesday, October 16th. Roth Capital upgraded Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada cut their target price on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Advance Auto Parts presently has an average rating of “Hold” and a consensus target price of $54.08.

Advance Auto Parts Price Performance

Shares of AAP stock opened at $39.91 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 3,990.50, a PEG ratio of 1.24 and a beta of 1.17. The business’s fifty day moving average is $39.08 and its 200 day moving average is $54.82. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Pzena Investment Management LLC boosted its stake in shares of Advance Auto Parts by 140.3% in the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after buying an additional 1,698,155 shares during the last quarter. Third Point LLC purchased a new position in Advance Auto Parts in the first quarter worth about $127,234,000. Dorsal Capital Management LP grew its stake in shares of Advance Auto Parts by 159.7% during the 2nd quarter. Dorsal Capital Management LP now owns 1,250,000 shares of the company’s stock valued at $79,162,000 after purchasing an additional 768,664 shares during the period. Capital World Investors grew its stake in shares of Advance Auto Parts by 67.0% during the 1st quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after purchasing an additional 615,674 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Advance Auto Parts by 76.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after purchasing an additional 547,696 shares during the period. 88.75% of the stock is owned by hedge funds and other institutional investors.

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.