Q2 2024 EPS Estimates for Advance Auto Parts, Inc. Cut by Zacks Research (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAPFree Report) – Equities researchers at Zacks Research lowered their Q2 2024 earnings per share estimates for Advance Auto Parts in a research report issued on Tuesday, June 11th. Zacks Research analyst L. Shahu now forecasts that the company will earn $1.07 per share for the quarter, down from their prior estimate of $1.22. The consensus estimate for Advance Auto Parts’ current full-year earnings is $3.74 per share. Zacks Research also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $1.31 EPS and Q4 2024 earnings at $0.70 EPS.

Advance Auto Parts (NYSE:AAPGet Free Report) last posted its quarterly earnings data on Wednesday, May 29th. The company reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The firm’s revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 EPS.

AAP has been the subject of a number of other research reports. Royal Bank of Canada reduced their price objective on Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating for the company in a research report on Thursday, May 30th. Truist Financial reduced their price target on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Barclays upped their price target on Advance Auto Parts from $56.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 29th. StockNews.com upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. Finally, Wedbush restated a “neutral” rating and issued a $70.00 price target on shares of Advance Auto Parts in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating and sixteen have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $63.93.

Check Out Our Latest Research Report on Advance Auto Parts

Advance Auto Parts Stock Down 1.5 %

Advance Auto Parts stock opened at $63.97 on Wednesday. The stock has a market cap of $3.81 billion, a PE ratio of 92.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.29 and a current ratio of 1.22. Advance Auto Parts has a one year low of $47.73 and a one year high of $88.56. The stock has a fifty day moving average of $72.14 and a 200 day moving average of $68.53.

Advance Auto Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, July 12th. Advance Auto Parts’s payout ratio is presently 144.93%.

Insider Activity at Advance Auto Parts

In other news, Director Carla Jean Bailo purchased 310 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average cost of $81.19 per share, with a total value of $25,168.90. Following the completion of the purchase, the director now owns 5,789 shares in the company, valued at $470,008.91. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Carla Jean Bailo acquired 310 shares of the stock in a transaction dated Monday, March 18th. The stock was acquired at an average cost of $81.19 per share, with a total value of $25,168.90. Following the purchase, the director now directly owns 5,789 shares of the company’s stock, valued at $470,008.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Herman L. Word, Jr. sold 1,858 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $86.08, for a total value of $159,936.64. Following the completion of the sale, the executive vice president now directly owns 10,448 shares of the company’s stock, valued at $899,363.84. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently modified their holdings of AAP. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Advance Auto Parts by 2,226.6% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,026,668 shares of the company’s stock worth $113,352,000 after buying an additional 1,939,560 shares during the period. Third Point LLC bought a new stake in Advance Auto Parts during the 1st quarter valued at $127,234,000. Pzena Investment Management LLC bought a new stake in Advance Auto Parts during the 3rd quarter valued at $73,882,000. Federated Hermes Inc. raised its position in Advance Auto Parts by 2,716,800.0% during the 4th quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock valued at $51,402,000 after purchasing an additional 842,208 shares in the last quarter. Finally, UBS Group AG raised its position in Advance Auto Parts by 337.7% during the 4th quarter. UBS Group AG now owns 811,734 shares of the company’s stock valued at $49,540,000 after purchasing an additional 626,294 shares in the last quarter. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

Advance Auto Parts Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Advance Auto Parts (NYSE:AAP)

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