Wedbush Equities Analysts Lower Earnings Estimates for 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.

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

A number of other equities analysts have also recently issued reports on the company. Evercore ISI cut their price objective on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating for the company in a report on Tuesday, October 22nd. Mizuho reiterated a “neutral” rating and set a $38.00 price target (down from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. JPMorgan Chase & Co. lowered their price objective on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Royal Bank of Canada reduced their target price 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. Finally, Roth Mkm reissued a “neutral” rating and issued a $40.00 price target on shares of Advance Auto Parts in a research note on Wednesday, October 16th. One 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. According to MarketBeat, Advance Auto Parts currently has an average rating of “Hold” and an average price target of $54.08.

Advance Auto Parts Stock Up 7.0 %

Shares of NYSE:AAP opened at $40.55 on Tuesday. The firm has a fifty day moving average of $39.16 and a 200 day moving average of $55.07. Advance Auto Parts has a 52-week low of $35.59 and a 52-week high of $88.56. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23. The firm has a market capitalization of $2.42 billion, a PE ratio of 4,055.00, a price-to-earnings-growth ratio of 1.24 and a beta of 1.17.

Institutional Investors Weigh In On Advance Auto Parts

A number of large investors have recently made changes to their positions in the business. Pzena Investment Management LLC lifted its position 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 purchasing an additional 1,698,155 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Advance Auto Parts in the third quarter worth about $14,684,000. Commerce Bank lifted its holdings in Advance Auto Parts by 304.1% in the third quarter. Commerce Bank now owns 14,648 shares of the company’s stock worth $571,000 after buying an additional 11,023 shares during the period. Quest Partners LLC bought a new stake in Advance Auto Parts during the 3rd quarter valued at approximately $579,000. Finally, AMG National Trust Bank grew its holdings in shares of Advance Auto Parts by 20.6% during the 3rd quarter. AMG National Trust Bank now owns 30,526 shares of the company’s stock worth $1,190,000 after acquiring an additional 5,219 shares during the period. 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.