FY2024 EPS Estimates for Advance Auto Parts, Inc. Reduced by DA Davidson (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) – Equities research analysts at DA Davidson cut their FY2024 earnings per share estimates for shares of Advance Auto Parts in a report released on Tuesday, August 6th. DA Davidson analyst M. Baker now anticipates that the company will earn $3.60 per share for the year, down from their prior forecast of $3.77. The consensus estimate for Advance Auto Parts’ current full-year earnings is $3.70 per share. DA Davidson also issued estimates for Advance Auto Parts’ FY2025 earnings at $4.15 EPS.

Advance Auto Parts (NYSE:AAP) last issued 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 company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.43 billion. Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. Advance Auto Parts’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 earnings per share.

Other analysts have also issued research reports about the company. Wedbush restated a “neutral” rating and issued a $70.00 price objective on shares of Advance Auto Parts in a report on Friday, May 24th. UBS Group increased their price objective on Advance Auto Parts from $68.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Truist Financial decreased their target price on Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Mizuho decreased their target price on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Finally, Bank of America increased their target price on Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating and fifteen have given a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.64.

Advance Auto Parts Trading Up 3.3 %

NYSE:AAP opened at $60.92 on Wednesday. Advance Auto Parts has a 1 year low of $47.73 and a 1 year high of $88.56. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of 88.29, a PEG ratio of 1.20 and a beta of 1.20. The business has a fifty day moving average of $62.32 and a 200-day moving average of $69.18. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.64%. The ex-dividend date was Friday, July 12th. Advance Auto Parts’s payout ratio is presently 144.93%.

Institutional Trading of Advance Auto Parts

Institutional investors have recently modified their holdings of the company. Kovack Advisors Inc. boosted its stake in Advance Auto Parts by 0.7% in the 1st quarter. Kovack Advisors Inc. now owns 22,727 shares of the company’s stock valued at $1,934,000 after buying an additional 150 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Advance Auto Parts by 28.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 895 shares of the company’s stock valued at $76,000 after buying an additional 196 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Advance Auto Parts by 8.2% in the 4th quarter. Quadrant Capital Group LLC now owns 2,711 shares of the company’s stock valued at $165,000 after buying an additional 206 shares in the last quarter. Diversified Trust Co boosted its stake in Advance Auto Parts by 3.5% in the 2nd quarter. Diversified Trust Co now owns 6,787 shares of the company’s stock valued at $430,000 after buying an additional 232 shares in the last quarter. Finally, OLD National Bancorp IN boosted its stake 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 valued at $234,000 after buying an additional 237 shares in the last quarter. 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.