Jefferies Financial Group Weighs in on Advance Auto Parts, Inc.’s Q3 2022 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Stock analysts at Jefferies Financial Group increased their Q3 2022 EPS estimates for Advance Auto Parts in a research report issued on Tuesday, May 24th. Jefferies Financial Group analyst B. Jordan now expects that the company will earn $3.57 per share for the quarter, up from their previous estimate of $3.55. Jefferies Financial Group also issued estimates for Advance Auto Parts’ Q1 2023 earnings at $4.13 EPS, Q2 2023 earnings at $3.94 EPS, Q3 2023 earnings at $3.97 EPS, Q4 2023 earnings at $3.59 EPS and FY2023 earnings at $15.64 EPS.

Advance Auto Parts (NYSE:AAP – Get Rating) last posted its quarterly earnings data 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 net margin of 5.60% and a return on equity of 23.63%. The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the company posted $3.34 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year.

Other equities research analysts have also recently issued reports about the company. Stephens reduced their price objective on Advance Auto Parts from $246.00 to $215.00 and set an “equal weight” rating for the company in a research report on Wednesday. Royal Bank of Canada reduced their price objective on Advance Auto Parts from $247.00 to $217.00 in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on Advance Auto Parts from $276.00 to $280.00 in a research report on Friday, February 11th. Morgan Stanley reduced 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. Finally, StockNews.com raised Advance Auto Parts from a “hold” rating to a “buy” rating in a research report on Friday, May 20th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Advance Auto Parts has an average rating of “Buy” and a consensus price target of $243.11.

AAP opened at $185.31 on Thursday. Advance Auto Parts has a 1-year low of $172.86 and a 1-year high of $244.55. 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 stock has a market capitalization of $11.32 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 1.12 and a beta of 1.22. The business has a 50 day moving average of $209.79 and a 200-day moving average of $220.84.

Large investors have recently made changes to their positions in the company. Life Planning Partners Inc acquired a new stake in shares of Advance Auto Parts in the fourth quarter valued at $30,000. Central Bank & Trust Co. acquired a new stake in Advance Auto Parts in the first quarter worth about $29,000. Covestor Ltd increased its position in 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 purchasing an additional 83 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Advance Auto Parts in the first quarter worth about $35,000. Finally, FNY Investment Advisers LLC acquired a new stake in Advance Auto Parts in the first quarter worth about $41,000. Institutional investors own 98.99% of the company’s stock.

About Advance Auto Parts (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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