Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Equities research analysts at Wedbush dropped their Q2 2023 EPS estimates for Advance Auto Parts in a research report issued on Thursday, June 1st. Wedbush analyst S. Basham now expects that the company will post earnings per share of $1.68 for the quarter, down from their previous forecast of $3.30. The consensus estimate for Advance Auto Parts’ current full-year earnings is $6.50 per share. Wedbush also issued estimates for Advance Auto Parts’ Q3 2023 earnings at $2.32 EPS, Q4 2023 earnings at $1.53 EPS, FY2023 earnings at $6.24 EPS, Q1 2024 earnings at $1.24 EPS, Q2 2024 earnings at $2.09 EPS, Q3 2024 earnings at $2.78 EPS, Q4 2024 earnings at $1.93 EPS, FY2024 earnings at $8.03 EPS and FY2025 earnings at $9.61 EPS.
Several other research firms also recently weighed in on AAP. UBS Group dropped their target price on shares of Advance Auto Parts from $132.00 to $75.00 in a report on Thursday. Truist Financial lowered their price target on shares of Advance Auto Parts from $144.00 to $67.00 in a report on Thursday. Roth Capital reiterated a “neutral” rating and set a $140.00 price target (down from $180.00) on shares of Advance Auto Parts in a report on Monday, February 13th. Stephens lowered their price target on shares of Advance Auto Parts from $148.00 to $80.00 in a report on Thursday. Finally, DA Davidson lowered their price target on shares of Advance Auto Parts from $170.00 to $142.00 and set a “neutral” rating for the company in a report on Wednesday, March 1st. Seventeen equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $104.42.
Advance Auto Parts Stock Performance
Advance Auto Parts (NYSE:AAP – Get Rating) last posted its earnings results on Wednesday, May 31st. The company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($1.88). Advance Auto Parts had a net margin of 3.61% and a return on equity of 22.67%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter last year, the business posted $3.57 earnings per share.
Advance Auto Parts Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 14th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, July 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.48%. Advance Auto Parts’s payout ratio is currently 89.15%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Golden State Equity Partners acquired a new stake in Advance Auto Parts in the first quarter valued at $256,000. ProShare Advisors LLC lifted its holdings in Advance Auto Parts by 16.8% in the 1st quarter. ProShare Advisors LLC now owns 8,587 shares of the company’s stock valued at $1,044,000 after acquiring an additional 1,235 shares during the last quarter. Toroso Investments LLC lifted its holdings in Advance Auto Parts by 107.8% in the 1st quarter. Toroso Investments LLC now owns 4,646 shares of the company’s stock valued at $565,000 after acquiring an additional 2,410 shares during the last quarter. Power Corp of Canada lifted its stake in Advance Auto Parts by 121.6% during the first quarter. Power Corp of Canada now owns 24,610 shares of the company’s stock valued at $2,728,000 after buying an additional 13,504 shares in the last quarter. Finally, Harvest Investment Advisors LLC lifted its stake in Advance Auto Parts by 140.5% during the first quarter. Harvest Investment Advisors LLC now owns 9,693 shares of the company’s stock valued at $1,179,000 after buying an additional 5,663 shares in the last quarter. 96.04% of the stock is owned by institutional investors and hedge funds.
About Advance Auto Parts
Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Advance Auto Parts/Carquest U.S., Carquest Canada, Worldpac, and Independents. The company was founded by Arthur Taubman in 1929 and is headquartered in Raleigh, NC.
Further Reading
- Get a free copy of the StockNews.com research report on Advance Auto Parts (AAP)
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