Brokers Set Expectations for Advance Auto Parts, Inc.’s FY2024 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Equities researchers at Wedbush issued their FY2024 earnings per share estimates for Advance Auto Parts in a research report issued on Monday, April 11th. Wedbush analyst S. Basham anticipates that the company will earn $18.20 per share for the year.

Advance Auto Parts (NYSE:AAP – Get Rating) last released its earnings results on Monday, February 14th. The company reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.10. Advance Auto Parts had a net margin of 5.60% and a return on equity of 23.63%. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the firm earned $1.87 EPS. The company’s revenue was up 1.3% compared to the same quarter last year.

Several other research analysts have also commented on AAP. Royal Bank of Canada started coverage on shares of Advance Auto Parts in a research note on Thursday, January 27th. They set a “sector perform” rating and a $239.00 price target on the stock. Wells Fargo & Company dropped their price target on shares of Advance Auto Parts from $255.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 15th. StockNews.com started coverage on shares of Advance Auto Parts in a research note on Thursday, March 31st. They set a “buy” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Advance Auto Parts from $276.00 to $280.00 in a research note on Friday, February 11th. Finally, Truist Financial began coverage on shares of Advance Auto Parts in a research note on Thursday, January 13th. They issued a “buy” rating and a $273.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $256.65.

AAP stock opened at $221.88 on Wednesday. The company has a 50 day moving average of $213.13 and a two-hundred day moving average of $223.58. Advance Auto Parts has a 12-month low of $185.44 and a 12-month high of $244.55. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 1.29 and a beta of 1.29. The company has a quick ratio of 0.31, a current ratio of 1.21 and a debt-to-equity ratio of 0.33.

The business also recently declared a quarterly dividend, which was paid on Friday, April 1st. Shareholders of record on Friday, March 18th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.70%. This is a positive change from Advance Auto Parts’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 17th. Advance Auto Parts’s dividend payout ratio (DPR) is currently 62.96%.

A number of hedge funds and other institutional investors have recently bought and sold shares of AAP. FMR LLC grew its position in Advance Auto Parts by 287.6% in the 1st quarter. FMR LLC now owns 139,025 shares of the company’s stock worth $23,708,000 after purchasing an additional 103,160 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Advance Auto Parts by 1.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,854 shares of the company’s stock worth $1,711,000 after acquiring an additional 91 shares during the period. Spire Wealth Management lifted its holdings in shares of Advance Auto Parts by 35.8% during the 3rd quarter. Spire Wealth Management now owns 660 shares of the company’s stock worth $138,000 after acquiring an additional 174 shares during the period. WINTON GROUP Ltd lifted its holdings in shares of Advance Auto Parts by 21.1% during the 3rd quarter. WINTON GROUP Ltd now owns 6,717 shares of the company’s stock worth $1,403,000 after acquiring an additional 1,172 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its holdings in shares of Advance Auto Parts by 3.5% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 23,430 shares of the company’s stock worth $4,894,000 after acquiring an additional 795 shares during the period. Institutional investors own 97.61% of the company’s stock.

About Advance Auto Parts (Get Rating)

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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