Advance Auto Parts (NYSE:AAP) Given Outperform Rating at Wedbush

Wedbush reissued their outperform rating on shares of Advance Auto Parts (NYSE:AAP) in a research report sent to investors on Friday morning,Benzinga reports. Wedbush currently has a $55.00 price target on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

Several other brokerages also recently commented on AAP. The Goldman Sachs Group cut their target price on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday. Roth Capital upgraded Advance Auto Parts to a “hold” rating in a report on Tuesday, October 15th. TD Cowen dropped their target price on shares of Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, August 23rd. Truist Financial decreased their price target on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Roth Mkm reiterated a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $49.14.

Advance Auto Parts Stock Performance

Shares of NYSE AAP opened at $40.10 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.34 and a quick ratio of 0.30. Advance Auto Parts has a one year low of $35.59 and a one year high of $88.56. The business’s 50-day moving average price is $39.02 and its two-hundred day moving average price is $54.11. The company has a market capitalization of $2.39 billion, a P/E ratio of 54.92 and a beta of 1.17.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.53). Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the prior year, the company posted ($0.82) EPS. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Analysts anticipate that Advance Auto Parts will post 2.26 earnings per share for the current fiscal year.

Advance Auto Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Friday, January 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Friday, January 10th. Advance Auto Parts’s dividend payout ratio (DPR) is currently 136.99%.

Hedge Funds Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AAP. Price T Rowe Associates Inc. MD increased its holdings in shares of Advance Auto Parts by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,998,910 shares of the company’s stock worth $340,268,000 after buying an additional 40,669 shares in the last quarter. Pzena Investment Management LLC grew its holdings in shares of Advance Auto Parts by 140.3% during the third quarter. Pzena Investment Management LLC now owns 2,908,658 shares of the company’s stock worth $113,409,000 after purchasing an additional 1,698,155 shares during the last quarter. Capital World Investors raised its holdings in shares of Advance Auto Parts by 67.0% in the first quarter. Capital World Investors now owns 1,533,933 shares of the company’s stock valued at $130,522,000 after buying an additional 615,674 shares during the last quarter. Third Point LLC acquired a new position in Advance Auto Parts during the 1st quarter worth about $127,234,000. Finally, Dimensional Fund Advisors LP grew its holdings in Advance Auto Parts by 76.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,266,362 shares of the company’s stock worth $80,197,000 after acquiring an additional 547,696 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Company Profile

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.