Wedbush Estimates Advance Auto Parts’ Q3 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) – Investment analysts at Wedbush lowered their Q3 2024 earnings per share estimates for Advance Auto Parts in a research report issued to clients and investors on Monday, November 11th. Wedbush analyst S. Basham now forecasts that the company will post earnings of $0.48 per share for the quarter, down from their previous forecast of $0.51. Wedbush currently has a “Outperform” rating and a $55.00 price objective 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.

A number of other analysts have also weighed in on AAP. Roth Mkm reaffirmed a “neutral” rating and set a $40.00 target price on shares of Advance Auto Parts in a report on Wednesday, October 16th. Royal Bank of Canada decreased their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a report on Monday. Wells Fargo & Company dropped their price objective on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Mizuho reaffirmed a “neutral” rating and issued a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Finally, TD Cowen cut their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $54.08.

Advance Auto Parts Stock Down 1.6 %

AAP stock opened at $39.91 on Tuesday. 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 $2.38 billion, a PE ratio of 3,990.50, a PEG ratio of 1.24 and a beta of 1.17. 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 50-day simple moving average of $39.08 and a two-hundred day simple moving average of $54.82.

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

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors have recently bought and sold shares of the stock. Diversified Trust Co boosted its stake in shares of Advance Auto Parts by 3.5% during the second quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock valued at $430,000 after purchasing an additional 232 shares during the period. OLD National Bancorp IN grew its holdings in Advance Auto Parts by 6.8% in the 2nd quarter. OLD National Bancorp IN now owns 3,697 shares of the company’s stock worth $234,000 after acquiring an additional 237 shares during the last quarter. Covestor Ltd increased its position in shares of Advance Auto Parts by 8.5% in the first quarter. Covestor Ltd now owns 3,395 shares of the company’s stock valued at $289,000 after acquiring an additional 266 shares during the period. Sei Investments Co. raised its stake in shares of Advance Auto Parts by 0.5% during the second quarter. Sei Investments Co. now owns 59,679 shares of the company’s stock valued at $3,779,000 after acquiring an additional 277 shares during the last quarter. Finally, Qsemble Capital Management LP boosted its holdings in shares of Advance Auto Parts by 7.6% during the second quarter. Qsemble Capital Management LP now owns 4,036 shares of the company’s stock worth $256,000 after purchasing an additional 285 shares during the period. 88.75% of the stock is currently owned by hedge funds and other 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.