Q2 2023 EPS Estimates for Advance Auto Parts, Inc. Reduced by Analyst (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAPGet Rating) – Investment analysts at William Blair cut their Q2 2023 earnings per share estimates for Advance Auto Parts in a research report issued on Tuesday, May 24th. William Blair analyst D. Hofkin now expects that the company will post earnings of $4.14 per share for the quarter, down from their previous estimate of $4.47. William Blair also issued estimates for Advance Auto Parts’ Q4 2023 earnings at $2.83 EPS.

Advance Auto Parts (NYSE:AAPGet Rating) last announced its quarterly earnings data on Monday, May 23rd. The company reported $3.57 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.02). The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.39 billion. Advance Auto Parts had a return on equity of 23.63% and a net margin of 5.60%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.34 EPS.

AAP has been the topic of several other reports. UBS Group dropped their price target on shares of Advance Auto Parts to $250.00 in a research report on Wednesday. StockNews.com upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Friday, May 20th. Wells Fargo & Company cut their price objective on shares of Advance Auto Parts from $230.00 to $200.00 and set an “equal weight” rating for the company in a research report on Tuesday. Evercore ISI initiated 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. Finally, Raymond James dropped their price objective on shares of Advance Auto Parts from $275.00 to $250.00 in a report on Wednesday. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $243.11.

NYSE AAP opened at $185.31 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.31 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $209.79 and its two-hundred day moving average price is $220.84. Advance Auto Parts has a 1 year low of $172.86 and a 1 year high of $244.55. The firm has a market capitalization of $11.32 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.12 and a beta of 1.22.

A number of institutional investors and hedge funds have recently made changes to their positions in AAP. Bank of New York Mellon Corp grew its holdings in Advance Auto Parts by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 525,040 shares of the company’s stock valued at $109,676,000 after buying an additional 4,942 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Advance Auto Parts by 7.8% during the third quarter. Public Sector Pension Investment Board now owns 11,055 shares of the company’s stock worth $2,309,000 after purchasing an additional 800 shares in the last quarter. OPSEU Pension Plan Trust Fund grew its holdings in shares of Advance Auto Parts by 23.2% during the fourth quarter. OPSEU Pension Plan Trust Fund now owns 5,253 shares of the company’s stock worth $1,254,000 after purchasing an additional 990 shares in the last quarter. Donald L. Hagan LLC purchased a new position in shares of Advance Auto Parts during the fourth quarter worth about $802,000. Finally, CWM LLC purchased a new position in shares of Advance Auto Parts during the fourth quarter worth about $3,736,000. 98.99% of the stock is owned by institutional investors.

Advance Auto Parts Company Profile (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.

See Also

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

Receive News & Ratings for Advance Auto Parts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advance Auto Parts and related companies with MarketBeat.com's FREE daily email newsletter.