Wedbush Weighs in on Advance Auto Parts, Inc.’s Q1 2024 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP) – Equities researchers at Wedbush boosted their Q1 2024 earnings estimates for shares of Advance Auto Parts in a research report issued on Thursday, August 24th. Wedbush analyst S. Basham now expects that the company will earn $1.33 per share for the quarter, up from their prior estimate of $1.24. Wedbush has a “Neutral” rating and a $80.00 price target on the stock. The consensus estimate for Advance Auto Parts’ current full-year earnings is $4.80 per share.

AAP has been the topic of a number of other research reports. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $84.00 to $70.00 and set a “sector perform” rating on the stock in a report on Thursday. Bank of America lowered shares of Advance Auto Parts from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $178.00 to $85.00 in a report on Thursday, June 1st. Evercore ISI cut their target price on shares of Advance Auto Parts from $145.00 to $80.00 in a research note on Thursday, June 1st. Wells Fargo & Company cut their target price on shares of Advance Auto Parts from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 1st. Finally, TheStreet lowered shares of Advance Auto Parts from a “b-” rating to a “c+” rating in a research note on Friday, May 26th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and a consensus target price of $94.74.

Advance Auto Parts Stock Performance

Shares of AAP stock opened at $64.08 on Friday. Advance Auto Parts has a 12 month low of $63.09 and a 12 month high of $194.35. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.26 and a quick ratio of 0.24. The firm has a market capitalization of $3.81 billion, a P/E ratio of 11.09, a P/E/G ratio of 1.27 and a beta of 1.08. The company’s fifty day moving average price is $70.10 and its two-hundred day moving average price is $102.17.

Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Wednesday, August 23rd. The company reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.23). Advance Auto Parts had a return on equity of 17.53% and a net margin of 3.08%. The firm had revenue of $2.69 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the firm earned $3.74 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Thursday, October 12th. Advance Auto Parts’s dividend payout ratio (DPR) is 17.30%.

Insiders Place Their Bets

In other news, Director Douglas A. Pertz bought 4,575 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was purchased at an average price of $66.02 per share, for a total transaction of $302,041.50. Following the transaction, the director now owns 12,831 shares in the company, valued at $847,102.62. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Douglas A. Pertz bought 4,575 shares of the firm’s stock in a transaction on Monday, June 12th. The stock was purchased at an average price of $66.02 per share, for a total transaction of $302,041.50. Following the transaction, the director now owns 12,831 shares in the company, valued at $847,102.62. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carla Jean Bailo acquired 500 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was bought at an average price of $65.90 per share, with a total value of $32,950.00. Following the completion of the acquisition, the director now directly owns 500 shares of the company’s stock, valued at $32,950. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 5,463 shares of company stock worth $359,924. Insiders own 0.63% of the company’s stock.

Institutional Trading of Advance Auto Parts

Large investors have recently added to or reduced their stakes in the business. Clear Street Markets LLC boosted its stake in Advance Auto Parts by 245.9% in the 1st quarter. Clear Street Markets LLC now owns 211 shares of the company’s stock worth $26,000 after purchasing an additional 150 shares during the period. UniSuper Management Pty Ltd acquired a new stake in shares of Advance Auto Parts in the second quarter worth $28,000. Ameritas Advisory Services LLC acquired a new stake in shares of Advance Auto Parts in the first quarter worth $29,000. Machina Capital S.A.S. acquired a new stake in shares of Advance Auto Parts in the first quarter worth $32,000. Finally, Covestor Ltd boosted its position in shares of Advance Auto Parts by 113.7% in the first quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after buying an additional 83 shares during the period. 91.32% of the stock is currently owned by institutional investors.

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.