Q3 2024 Earnings Forecast for Advance Auto Parts, Inc. (NYSE:AAP) Issued By Wedbush

Advance Auto Parts, Inc. (NYSE:AAP) – Equities research analysts at Wedbush dropped their Q3 2024 earnings estimates for shares of Advance Auto Parts in a report issued on Tuesday, October 15th. Wedbush analyst S. Basham now expects that the company will post earnings per share of $0.51 for the quarter, down from their prior estimate of $0.52. 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 $2.19 per share.

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 return on equity of 0.05% and a net margin of 0.01%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the business earned $1.43 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis.

Several other brokerages also recently commented on AAP. Wells Fargo & Company reduced their target price on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Roth Capital upgraded shares of Advance Auto Parts to a “hold” rating in a research report on Tuesday. Mizuho reaffirmed a “neutral” rating and set a $38.00 price objective (down previously from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. Evercore ISI cut their target price on shares of Advance Auto Parts from $64.00 to $60.00 and set an “in-line” rating for the company in a research note on Friday, August 23rd. Finally, Roth Mkm reaffirmed a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a report on Wednesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Advance Auto Parts presently has an average rating of “Hold” and a consensus price target of $55.36.

Advance Auto Parts Stock Performance

Shares of NYSE:AAP opened at $38.60 on Thursday. The business’s fifty day moving average price is $45.67 and its two-hundred day moving average price is $60.32. Advance Auto Parts has a fifty-two week low of $36.40 and a fifty-two week high of $88.56. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 55.94, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.23 and a quick ratio of 0.30.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, October 11th. Advance Auto Parts’s payout ratio is 144.93%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new stake in shares of Advance Auto Parts during the third quarter worth $164,000. Wedge Capital Management L L P NC boosted its holdings in Advance Auto Parts by 28.5% during the third quarter. Wedge Capital Management L L P NC now owns 26,539 shares of the company’s stock worth $1,035,000 after buying an additional 5,894 shares during the last quarter. Willis Investment Counsel grew its position in shares of Advance Auto Parts by 2.8% during the 3rd quarter. Willis Investment Counsel now owns 73,115 shares of the company’s stock worth $2,851,000 after buying an additional 1,962 shares during the period. City State Bank bought a new stake in shares of Advance Auto Parts in the 3rd quarter valued at about $78,000. Finally, CWM LLC raised its position in shares of Advance Auto Parts by 36.8% in the 3rd quarter. CWM LLC now owns 2,333 shares of the company’s stock valued at $91,000 after acquiring an additional 627 shares during the period. Institutional investors and hedge funds own 88.75% 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.