Jefferies Financial Group Equities Analysts Increase Earnings Estimates for Advance Auto Parts, Inc. (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Equities research analysts at Jefferies Financial Group increased their Q3 2022 earnings per share (EPS) estimates for shares of Advance Auto Parts in a report issued on Tuesday, May 24th. Jefferies Financial Group analyst B. Jordan now anticipates that the company will earn $3.57 per share for the quarter, up from their previous forecast of $3.55. Jefferies Financial Group also issued estimates for Advance Auto Parts’ Q1 2023 earnings at $4.13 EPS, Q2 2023 earnings at $3.94 EPS, Q3 2023 earnings at $3.97 EPS, Q4 2023 earnings at $3.59 EPS and FY2023 earnings at $15.64 EPS.

AAP has been the subject of a number of other reports. Royal Bank of Canada lowered their price target on shares of Advance Auto Parts from $247.00 to $217.00 in a report on Wednesday. Guggenheim lowered their target price on shares of Advance Auto Parts from $266.00 to $259.00 and set a “buy” rating for the company in a report on Wednesday. Evercore ISI started coverage on shares of Advance Auto Parts in a report on Tuesday, February 15th. They issued a “buy” rating and a $275.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Advance Auto Parts from $276.00 to $280.00 in a research report on Friday, February 11th. Finally, Truist Financial reduced their price target on shares of Advance Auto Parts from $276.00 to $238.00 and set a “buy” rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Advance Auto Parts presently has an average rating of “Buy” and a consensus price target of $243.11.

Shares of NYSE AAP opened at $185.31 on Thursday. The company has a market cap of $11.32 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.12 and a beta of 1.22. Advance Auto Parts has a 12 month low of $172.86 and a 12 month high of $244.55. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.21 and a quick ratio of 0.31. The company has a 50-day simple moving average of $209.79 and a 200-day simple moving average of $220.84.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its earnings results on Monday, May 23rd. The company reported $3.57 earnings per share for the quarter, missing the consensus estimate of $3.59 by ($0.02). Advance Auto Parts had a net margin of 5.60% and a return on equity of 23.63%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the business posted $3.34 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year.

Hedge funds have recently added to or reduced their stakes in the business. Life Planning Partners Inc bought a new stake in Advance Auto Parts during the fourth quarter valued at $30,000. Central Bank & Trust Co. bought a new position in shares of Advance Auto Parts during the first quarter worth about $29,000. Covestor Ltd grew its position in shares of Advance Auto Parts by 113.7% during the first quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after acquiring an additional 83 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in Advance Auto Parts in the first quarter worth about $35,000. Finally, FNY Investment Advisers LLC acquired a new stake in Advance Auto Parts in the first quarter worth about $41,000. Hedge funds and other institutional investors own 98.99% 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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