Research Analysts Offer Predictions for Advance Auto Parts, Inc.’s FY2022 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Investment analysts at DA Davidson lowered their FY2022 earnings per share (EPS) estimates for Advance Auto Parts in a research report issued to clients and investors on Monday, August 1st. DA Davidson analyst M. Baker now anticipates that the company will earn $13.28 per share for the year, down from their prior estimate of $13.54. The consensus estimate for Advance Auto Parts’ current full-year earnings is $13.70 per share. DA Davidson also issued estimates for Advance Auto Parts’ FY2023 earnings at $15.34 EPS.

Advance Auto Parts (NYSE:AAP – Get Rating) last issued its quarterly earnings results on Monday, May 23rd. The company reported $3.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.53 by $0.04. Advance Auto Parts had a return on equity of 24.74% and a net margin of 5.16%. The company had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the prior year, the business posted $3.34 earnings per share. Advance Auto Parts’s revenue for the quarter was up 2.1% on a year-over-year basis.

A number of other brokerages have also recently commented on AAP. Citigroup reduced their target price on Advance Auto Parts from $294.00 to $250.00 in a report on Friday, May 13th. StockNews.com cut Advance Auto Parts from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Guggenheim reduced their target price on Advance Auto Parts from $266.00 to $259.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Royal Bank of Canada cut their price target on Advance Auto Parts from $247.00 to $217.00 in a report on Wednesday, May 25th. Finally, Wedbush cut their price target on Advance Auto Parts from $270.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 24th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Advance Auto Parts has an average rating of “Moderate Buy” and a consensus price target of $242.17.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $195.27 on Wednesday. The business has a 50 day simple moving average of $183.67 and a two-hundred day simple moving average of $203.33. Advance Auto Parts has a 12 month low of $164.00 and a 12 month high of $244.55. The stock has a market capitalization of $11.84 billion, a P/E ratio of 21.75, a PEG ratio of 1.13 and a beta of 1.22. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.20 and a quick ratio of 0.25.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 17th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Thursday, June 16th. This represents a $6.00 annualized dividend and a yield of 3.07%. Advance Auto Parts’s dividend payout ratio (DPR) is 66.82%.

Institutional Investors Weigh In On Advance Auto Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAP. Central Bank & Trust Co. purchased a new position in shares of Advance Auto Parts during the first quarter worth $29,000. Life Planning Partners Inc purchased a new position in shares of Advance Auto Parts during the fourth quarter worth $30,000. Covestor Ltd boosted its position in shares of Advance Auto Parts by 113.7% during 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. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Advance Auto Parts during the first quarter worth $35,000. Finally, Ellevest Inc. boosted its position in shares of Advance Auto Parts by 161.0% during the second quarter. Ellevest Inc. now owns 201 shares of the company’s stock worth $35,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds own 98.99% of the company’s stock.

Advance Auto Parts Company Profile

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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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