Advance Auto Parts, Inc. (NYSE:AAP) to Post Q2 2023 Earnings of $3.83 Per Share, Jefferies Financial Group Forecasts

Advance Auto Parts, Inc. (NYSE:AAPGet Rating) – Equities research analysts at Jefferies Financial Group dropped their Q2 2023 earnings per share (EPS) estimates for shares of Advance Auto Parts in a research note issued on Wednesday, November 16th. Jefferies Financial Group analyst B. Jordan now anticipates that the company will post earnings per share of $3.83 for the quarter, down from their previous estimate of $4.03. The consensus estimate for Advance Auto Parts’ current full-year earnings is $12.62 per share.

Advance Auto Parts (NYSE:AAPGet Rating) last posted its quarterly earnings results on Tuesday, August 23rd. The company reported $3.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.74. Advance Auto Parts had a return on equity of 25.97% and a net margin of 4.30%. The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the previous year, the business earned $3.40 earnings per share.

A number of other analysts also recently commented on the company. Citigroup downgraded Advance Auto Parts from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $216.00 to $161.00 in a research report on Thursday. Raymond James decreased their target price on Advance Auto Parts from $210.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Thursday. The Goldman Sachs Group cut their price target on Advance Auto Parts from $230.00 to $197.00 and set a “buy” rating for the company in a report on Thursday. Royal Bank of Canada cut their price target on Advance Auto Parts from $199.00 to $165.00 and set a “sector perform” rating for the company in a report on Thursday. Finally, Wedbush cut their price target on Advance Auto Parts from $200.00 to $165.00 and set an “outperform” rating for the company in a report on Wednesday, November 16th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $197.07.

Advance Auto Parts Stock Down 0.5 %

AAP opened at $147.50 on Monday. The business’s fifty day moving average is $171.75 and its two-hundred day moving average is $181.89. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.25 and a current ratio of 1.13. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 0.93 and a beta of 1.27. Advance Auto Parts has a one year low of $145.59 and a one year high of $244.55.

Advance Auto Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, December 15th. This represents a $6.00 annualized dividend and a yield of 4.07%. Advance Auto Parts’s dividend payout ratio is presently 77.12%.

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its holdings in Advance Auto Parts by 1.5% in the second quarter. Janney Montgomery Scott LLC now owns 29,117 shares of the company’s stock valued at $5,139,000 after purchasing an additional 421 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Advance Auto Parts by 47.9% during the first quarter. Mercer Global Advisors Inc. ADV now owns 8,278 shares of the company’s stock valued at $1,713,000 after buying an additional 2,682 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Advance Auto Parts by 1.8% during the first quarter. PNC Financial Services Group Inc. now owns 10,659 shares of the company’s stock valued at $2,206,000 after buying an additional 192 shares in the last quarter. Vestmark Advisory Solutions Inc. raised its stake in Advance Auto Parts by 53.3% during the second quarter. Vestmark Advisory Solutions Inc. now owns 8,461 shares of the company’s stock valued at $1,465,000 after buying an additional 2,941 shares in the last quarter. Finally, Central Bank & Trust Co. raised its stake in Advance Auto Parts by 61.6% during the second quarter. Central Bank & Trust Co. now owns 223 shares of the company’s stock valued at $39,000 after buying an additional 85 shares in the last quarter. 99.47% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Advance Auto Parts (NYSE:AAP)

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