Advance Auto Parts, Inc. (NYSE:AAP) to Post Q2 2022 Earnings of $3.77 Per Share, William Blair Forecasts

Advance Auto Parts, Inc. (NYSE:AAPGet Rating) – Equities researchers at William Blair dropped their Q2 2022 earnings per share (EPS) estimates for Advance Auto Parts in a research report issued to clients and investors on Tuesday, May 24th. William Blair analyst D. Hofkin now anticipates that the company will post earnings of $3.77 per share for the quarter, down from their prior forecast of $4.07. William Blair also issued estimates for Advance Auto Parts’ Q3 2022 earnings at $3.68 EPS, Q4 2022 earnings at $2.56 EPS, Q1 2023 earnings at $3.97 EPS and Q3 2023 earnings at $4.04 EPS.

AAP has been the subject of several other research reports. Morgan Stanley decreased their target price on Advance Auto Parts from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Tuesday. Royal Bank of Canada cut their price target on Advance Auto Parts from $247.00 to $217.00 in a research note on Wednesday. Stephens cut their price target on Advance Auto Parts from $246.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Wedbush cut their price target on Advance Auto Parts from $270.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, StockNews.com upgraded Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Friday, May 20th. Six 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 company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $243.11.

Shares of NYSE AAP opened at $190.90 on Friday. Advance Auto Parts has a 1-year low of $172.86 and a 1-year high of $244.55. The business has a 50-day moving average of $209.48 and a 200-day moving average of $220.58. 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 market capitalization of $11.66 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 1.12 and a beta of 1.22.

Advance Auto Parts (NYSE:AAPGet Rating) last issued 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 return on equity of 23.63% and a net margin of 5.60%. The company had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the previous year, the company earned $3.34 EPS. Advance Auto Parts’s quarterly revenue was up 2.1% on a year-over-year basis.

Several institutional investors have recently made changes to their positions in AAP. FMR LLC raised its position in shares of Advance Auto Parts by 287.6% during 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 period. Creative Planning raised its position in shares of Advance Auto Parts by 5.8% during the 3rd quarter. Creative Planning now owns 1,589 shares of the company’s stock worth $332,000 after purchasing an additional 87 shares during the period. Allianz Asset Management GmbH raised its position in shares of Advance Auto Parts by 11.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 5,129 shares of the company’s stock worth $1,072,000 after purchasing an additional 508 shares during the period. US Bancorp DE raised its position in shares of Advance Auto Parts by 1.3% during the 3rd quarter. US Bancorp DE now owns 4,556 shares of the company’s stock worth $952,000 after purchasing an additional 60 shares during the period. Finally, BOKF NA acquired a new stake in shares of Advance Auto Parts during the 3rd quarter worth approximately $280,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

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.

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

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