Advance Auto Parts (NYSE:AAP) Updates FY23 Earnings Guidance

Advance Auto Parts (NYSE:AAP) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.40-1.80 for the period, compared to the consensus earnings per share estimate of $4.64. The company issued revenue guidance of $11.25-11.30 billion, compared to the consensus revenue estimate of $11.26 billion. Advance Auto Parts also updated its FY 2023 guidance to $1.40-$1.80 EPS.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stephens lowered their price objective on shares of Advance Auto Parts from $77.00 to $71.00 and set an equal weight rating for the company in a research report on Friday, August 25th. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $84.00 to $70.00 and set a sector perform rating on the stock in a research note on Thursday, August 24th. StockNews.com initiated coverage on shares of Advance Auto Parts in a research note on Thursday, October 5th. They issued a hold rating on the stock. Wells Fargo & Company cut their target price on shares of Advance Auto Parts from $70.00 to $60.00 and set an equal weight rating on the stock in a research report on Monday. Finally, Evercore ISI cut their target price on shares of Advance Auto Parts from $80.00 to $75.00 and set an in-line rating on the stock in a research report on Friday, September 8th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $89.25.

Advance Auto Parts Stock Performance

Shares of NYSE AAP opened at $55.67 on Thursday. The company has a current ratio of 1.26, a quick ratio of 0.25 and a debt-to-equity ratio of 0.66. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $161.73. The company has a 50 day simple moving average of $54.97 and a two-hundred day simple moving average of $72.12. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 1.06 and a beta of 1.14.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Wednesday, November 15th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of $1.44 by ($2.26). The business had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.68 billion. Advance Auto Parts had a net margin of 3.08% and a return on equity of 17.53%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.84 earnings per share. As a group, analysts predict that Advance Auto Parts will post 4.63 earnings per share for the current year.

Advance Auto Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 12th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.80%. Advance Auto Parts’s dividend payout ratio (DPR) is 17.30%.

Insider Buying and Selling

In related news, Director Eugene I. Lee, Jr. purchased 8,670 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was bought at an average price of $57.65 per share, with a total value of $499,825.50. Following the acquisition, the director now owns 19,430 shares in the company, valued at $1,120,139.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Advance Auto Parts

Large investors have recently modified their holdings of the business. Covestor Ltd grew its holdings 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 in the last quarter. Clear Street Markets LLC lifted its position in Advance Auto Parts by 245.9% in the first quarter. Clear Street Markets LLC now owns 211 shares of the company’s stock valued at $26,000 after buying an additional 150 shares during the last quarter. Industrial Alliance Investment Management Inc. lifted its position in Advance Auto Parts by 469.4% in the fourth quarter. Industrial Alliance Investment Management Inc. now owns 353 shares of the company’s stock valued at $52,000 after buying an additional 291 shares during the last quarter. UniSuper Management Pty Ltd acquired a new position in Advance Auto Parts in the second quarter valued at about $28,000. Finally, Ossiam lifted its position in shares of Advance Auto Parts by 86.5% during the first quarter. Ossiam now owns 869 shares of the company’s stock worth $106,000 after purchasing an additional 403 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

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.