Research Analysts Set Expectations for AAP FY2024 Earnings

Advance Auto Parts, Inc. (NYSE:AAP) – Investment analysts at Wedbush upped their FY2024 earnings per share estimates for shares of Advance Auto Parts in a research report issued to clients and investors on Tuesday, January 28th. Wedbush analyst S. Basham now forecasts that the company will post earnings of ($0.45) per share for the year, up from their prior forecast of ($0.85). 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 ($0.46) per share. Wedbush also issued estimates for Advance Auto Parts’ Q4 2024 earnings at ($1.35) EPS.

Several other research analysts also recently commented on the company. Wells Fargo & Company raised their target price on Advance Auto Parts from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Evercore ISI increased their target price on shares of Advance Auto Parts from $45.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, November 20th. Roth Capital raised shares of Advance Auto Parts to a “hold” rating in a research note on Tuesday, October 15th. Roth Mkm reaffirmed a “neutral” rating and set a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. Finally, Truist Financial lowered their target price on Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $47.93.

Advance Auto Parts Price Performance

Shares of NYSE:AAP opened at $48.46 on Thursday. The company has a 50-day moving average price of $45.43 and a two-hundred day moving average price of $45.90. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The firm has a market capitalization of $2.89 billion, a PE ratio of 66.38, a P/E/G ratio of 2.23 and a beta of 1.16.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings results 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). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same period last year, the firm posted ($0.82) earnings per share. Advance Auto Parts’s quarterly revenue was down 3.2% compared to the same quarter last year.

Institutional Trading of Advance Auto Parts

Several hedge funds and other institutional investors have recently made changes to their positions in AAP. Pzena Investment Management LLC boosted its stake in Advance Auto Parts by 140.3% during the 3rd quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock valued at $113,409,000 after purchasing an additional 1,698,155 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Advance Auto Parts by 31.7% during the third quarter. Royce & Associates LP now owns 1,075,587 shares of the company’s stock valued at $41,937,000 after purchasing an additional 258,656 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Advance Auto Parts during the third quarter valued at $17,477,000. Clearline Capital LP increased its holdings in Advance Auto Parts by 9.8% in the 3rd quarter. Clearline Capital LP now owns 445,244 shares of the company’s stock worth $17,360,000 after buying an additional 39,699 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Advance Auto Parts in the 3rd quarter worth about $14,684,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Insider Activity at Advance Auto Parts

In other news, EVP Tammy M. Finley sold 1,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $44.06, for a total value of $56,220.56. Following the completion of the transaction, the executive vice president now owns 24,266 shares in the company, valued at $1,069,159.96. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is owned by corporate insiders.

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.