Equities Analysts Issue Forecasts for Advance Auto Parts, Inc.’s Q1 2023 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Analysts at Zacks Research cut their Q1 2023 EPS estimates for Advance Auto Parts in a research report issued on Tuesday, March 14th. Zacks Research analyst R. Singhi now forecasts that the company will earn $2.56 per share for the quarter, down from their previous forecast of $3.25. The consensus estimate for Advance Auto Parts’ current full-year earnings is $10.65 per share. Zacks Research also issued estimates for Advance Auto Parts’ Q2 2023 earnings at $2.90 EPS, Q3 2023 earnings at $2.72 EPS, Q4 2023 earnings at $2.36 EPS, FY2023 earnings at $10.54 EPS, Q1 2024 earnings at $3.35 EPS, Q2 2024 earnings at $2.84 EPS, Q3 2024 earnings at $2.79 EPS, Q4 2024 earnings at $2.60 EPS and FY2024 earnings at $11.57 EPS.

Advance Auto Parts (NYSE:AAP – Get Rating) last issued its quarterly earnings results on Tuesday, February 28th. The company reported $2.88 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.47. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Advance Auto Parts had a net margin of 4.50% and a return on equity of 28.53%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share.

Several other equities analysts also recently weighed in on the company. Stephens reduced their price target on Advance Auto Parts from $196.00 to $164.00 and set an “equal weight” rating for the company in a report on Monday, November 21st. Roth Capital reaffirmed a “neutral” rating and set a $140.00 price objective (down from $180.00) on shares of Advance Auto Parts in a research report on Monday, February 13th. Wedbush raised Advance Auto Parts from a “neutral” rating to an “outperform” rating in a report on Friday, January 13th. Evercore ISI lifted their price objective on Advance Auto Parts to $160.00 in a research note on Tuesday, February 7th. Finally, Roth Mkm downgraded Advance Auto Parts from a “buy” rating to a “neutral” rating and cut their target price for the company from $180.00 to $140.00 in a research report on Monday, February 13th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $166.89.

Advance Auto Parts Stock Performance

Shares of AAP stock opened at $119.40 on Friday. The company has a quick ratio of 0.21, a current ratio of 1.13 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.00 and a beta of 1.12. The stock has a fifty day moving average of $144.08 and a 200 day moving average of $156.19. Advance Auto Parts has a 52 week low of $117.89 and a 52 week high of $231.43.

Advance Auto Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Friday, April 14th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date is Thursday, April 13th. Advance Auto Parts’s dividend payout ratio (DPR) is presently 72.55%.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its holdings in shares of Advance Auto Parts by 12.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,112 shares of the company’s stock valued at $1,632,000 after acquiring an additional 1,217 shares during the last quarter. IMS Capital Management acquired a new stake in shares of Advance Auto Parts in the fourth quarter valued at approximately $279,000. Macquarie Group Ltd. increased its stake in Advance Auto Parts by 3.3% during the fourth quarter. Macquarie Group Ltd. now owns 75,195 shares of the company’s stock worth $11,056,000 after acquiring an additional 2,379 shares during the last quarter. Linden Thomas Advisory Services LLC acquired a new stake in Advance Auto Parts during the fourth quarter worth $272,000. Finally, American Trust increased its stake in Advance Auto Parts by 8.4% during the fourth quarter. American Trust now owns 2,857 shares of the company’s stock worth $420,000 after acquiring an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 96.04% of the company’s stock.

About Advance Auto Parts

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Advance Auto Parts, Inc engages in the supply and distribution of aftermarket automotive products for both professional installers and do-it-yourself customers. It operates through the following segments: Advance Auto Parts/Carquest U.S., Carquest Canada, Worldpac, and Independents. The company was founded by Arthur Taubman in 1929 and is headquartered in Raleigh, NC.