Advance Auto Parts, Inc. to Post FY2023 Earnings of $14.29 Per Share, DA Davidson Forecasts (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAPGet Rating) – Equities researchers at DA Davidson boosted their FY2023 earnings estimates for shares of Advance Auto Parts in a research note issued to investors on Thursday, November 17th. DA Davidson analyst M. Baker now anticipates that the company will post earnings per share of $14.29 for the year, up from their previous forecast of $14.22. 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 earnings results on Tuesday, August 23rd. The company reported $3.74 EPS for the quarter, hitting the consensus estimate of $3.74. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Advance Auto Parts had a net margin of 4.30% and a return on equity of 25.97%. During the same quarter last year, the firm earned $3.40 EPS.

A number of other equities research analysts have also recently commented on AAP. Royal Bank of Canada lowered their price target on shares of Advance Auto Parts from $199.00 to $165.00 and set a “sector perform” rating on the stock in a report on Thursday. Wells Fargo & Company reduced their price objective on shares of Advance Auto Parts from $200.00 to $180.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 16th. Truist Financial lowered shares of Advance Auto Parts from a “buy” rating to a “hold” rating and reduced their price objective for the company from $228.00 to $147.00 in a research note on Wednesday, November 16th. UBS Group lowered shares of Advance Auto Parts from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $230.00 to $182.00 in a research note on Wednesday, November 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of Advance Auto Parts from $230.00 to $197.00 and set a “buy” rating for the company in a research note on Thursday. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of “Moderate Buy” and an average target price of $197.07.

Advance Auto Parts Trading Down 0.5 %

NYSE:AAP opened at $147.50 on Monday. The company has a current ratio of 1.13, a quick ratio of 0.25 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $8.87 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 0.93 and a beta of 1.27. The firm’s 50 day moving average is $171.75 and its 200 day moving average is $181.89. Advance Auto Parts has a 12 month low of $145.59 and a 12 month high of $244.55.

Hedge Funds Weigh In On Advance Auto Parts

Hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC raised its stake in shares of Advance Auto Parts by 1.5% during the second quarter. Janney Montgomery Scott LLC now owns 29,117 shares of the company’s stock valued at $5,139,000 after acquiring an additional 421 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of 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 during the period. PNC Financial Services Group Inc. increased its position in shares of 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 during the period. Vestmark Advisory Solutions Inc. increased its position in shares of 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 during the period. Finally, Central Bank & Trust Co. increased its position in shares of 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 during the period. 99.47% of the stock is owned by institutional investors.

Advance Auto Parts Announces Dividend

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

About Advance Auto Parts

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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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