Advance Auto Parts (NYSE:AAP) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Advance Auto Parts (NYSE:AAP) in a report published on Friday,Benzinga reports. The brokerage currently has a $55.00 price objective on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

Several other research analysts have also issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. TD Cowen decreased their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Truist Financial reduced their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their target price on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Finally, Evercore ISI dropped their price objective on Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.14.

Advance Auto Parts Trading Down 8.5 %

Shares of AAP traded down $3.51 during mid-day trading on Friday, hitting $37.69. 5,899,565 shares of the company’s stock traded hands, compared to its average volume of 2,053,840. The business’s 50-day moving average price is $39.02 and its 200-day moving average price is $54.37. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The firm has a market capitalization of $2.25 billion, a P/E ratio of 51.62, a PEG ratio of 1.33 and a beta of 1.17. The company has a quick ratio of 0.30, a current ratio of 1.23 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate 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 company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the company posted $1.43 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, sell-side analysts forecast that Advance Auto Parts will post 2.19 EPS for the current fiscal year.

Advance Auto Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, January 10th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, January 10th. Advance Auto Parts’s dividend payout ratio is currently 136.99%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AAP. Price T Rowe Associates Inc. MD increased its stake in Advance Auto Parts by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after purchasing an additional 40,669 shares during the period. Pzena Investment Management LLC increased its stake in 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 buying an additional 1,698,155 shares during the period. Capital World Investors increased its stake in shares of Advance Auto Parts by 67.0% during the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after buying an additional 615,674 shares during the period. Third Point LLC purchased a new position in Advance Auto Parts during the 1st quarter valued at about $127,234,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Advance Auto Parts by 76.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after buying an additional 547,696 shares during the period. Institutional investors 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.