Wedbush Forecasts Stronger Earnings for Advance Auto Parts

Advance Auto Parts, Inc. (NYSE:AAP) – Research analysts at Wedbush boosted their FY2024 earnings per share estimates for shares of Advance Auto Parts in a report issued on Tuesday, January 28th. Wedbush analyst S. Basham now forecasts that the company will post earnings per share of ($0.45) for the year, up from their previous 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 ($0.50) per share. Wedbush also issued estimates for Advance Auto Parts’ Q4 2024 earnings at ($1.35) EPS.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data 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 company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the prior year, the firm posted ($0.82) EPS. The business’s revenue was down 3.2% on a year-over-year basis.

Several other analysts have also issued reports on the company. UBS Group boosted their target price 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 dropped their price objective on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Truist Financial reduced their target price on shares of 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. Barclays dropped their price target on shares of 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, Roth Mkm reiterated a “neutral” rating and issued a $40.00 price objective on shares of Advance Auto Parts in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Advance Auto Parts currently has a consensus rating of “Hold” and a consensus price target of $47.93.

Advance Auto Parts Price Performance

Advance Auto Parts stock opened at $49.77 on Thursday. The business’s 50 day simple moving average is $45.27 and its 200 day simple moving average is $45.99. Advance Auto Parts has a 12 month low of $35.59 and a 12 month high of $88.56. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 68.18, a PEG ratio of 2.13 and a beta of 1.16. The company has a current ratio of 1.34, a quick ratio of 0.62 and a debt-to-equity ratio of 0.69.

Institutional Trading of Advance Auto Parts

Several hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC lifted 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 valued at $113,409,000 after acquiring an additional 1,698,155 shares during the last quarter. Royce & Associates LP increased its stake in Advance Auto Parts by 31.7% in the 3rd quarter. Royce & Associates LP now owns 1,075,587 shares of the company’s stock worth $41,937,000 after purchasing an additional 258,656 shares during the period. International Assets Investment Management LLC bought a new stake in Advance Auto Parts in the third quarter valued at approximately $17,477,000. Clearline Capital LP boosted its stake in shares of Advance Auto Parts by 9.8% during the third quarter. Clearline Capital LP now owns 445,244 shares of the company’s stock valued at $17,360,000 after purchasing an additional 39,699 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Advance Auto Parts in the third quarter worth approximately $14,684,000. 88.75% of the stock is owned by institutional investors.

Insider Buying and Selling at Advance Auto Parts

In related news, EVP Tammy M. Finley sold 1,276 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $44.06, for a total transaction of $56,220.56. Following the transaction, the executive vice president now owns 24,266 shares of the company’s stock, valued at approximately $1,069,159.96. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.35% of the company’s stock.

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.