Advance Auto Parts’ (AAP) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Advance Auto Parts (NYSE:AAP) in a research note issued to investors on Friday morning,Benzinga reports. Wedbush currently has a $55.00 price target on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

Other research analysts have also issued reports about the company. TD Cowen reduced their price target on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. Royal Bank of Canada reduced their target price on Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a report on Monday, November 11th. 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. Roth Mkm restated a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a report on Wednesday, October 16th. Finally, Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $49.14.

Advance Auto Parts Price Performance

Advance Auto Parts stock opened at $40.10 on Friday. The business’s 50-day simple moving average is $39.02 and its 200 day simple moving average is $54.11. The company has a quick ratio of 0.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 54.92 and a beta of 1.17. Advance Auto Parts has a 12-month low of $35.59 and a 12-month high of $88.56.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) 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 business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the prior year, the firm earned ($0.82) EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Advance Auto Parts will post 2.26 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.49%. Advance Auto Parts’s dividend payout ratio (DPR) is 136.99%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in Advance Auto Parts in the 1st quarter valued at approximately $34,000. Mather Group LLC. lifted its position in shares of Advance Auto Parts by 1,241.7% in the second quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after purchasing an additional 596 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Advance Auto Parts during the second quarter worth $41,000. Blue Trust Inc. grew its position in Advance Auto Parts by 98.7% in the second quarter. Blue Trust Inc. now owns 769 shares of the company’s stock valued at $49,000 after purchasing an additional 382 shares in the last quarter. Finally, AM Squared Ltd acquired a new stake in Advance Auto Parts in the 2nd quarter valued at $63,000. 88.75% of the stock is currently owned by institutional investors.

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.