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 lowered their Q1 2023 earnings per share estimates for shares of Advance Auto Parts in a note issued to investors on Tuesday, March 14th. Zacks Research analyst R. Singhi now forecasts that the company will post earnings of $2.56 per share for the quarter, down from their prior 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 data on Tuesday, February 28th. The company reported $2.88 EPS for the quarter, topping the consensus estimate of $2.41 by $0.47. Advance Auto Parts had a return on equity of 28.53% and a net margin of 4.50%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same quarter in the previous year, the firm earned $2.07 earnings per share. Advance Auto Parts’s revenue was up 3.2% on a year-over-year basis.

A number of other equities analysts also recently commented on AAP. Roth Capital restated a “neutral” rating and set a $140.00 target price (down previously from $180.00) on shares of Advance Auto Parts in a report on Monday, February 13th. Wells Fargo & Company cut their target price on Advance Auto Parts from $180.00 to $150.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 5th. Evercore ISI increased their target price on Advance Auto Parts to $160.00 in a research note on Tuesday, February 7th. Citigroup cut their target price on Advance Auto Parts from $159.00 to $153.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 1st. Finally, Barclays started coverage on Advance Auto Parts in a research report on Tuesday, February 7th. They set an “underweight” rating and a $145.00 price objective on the stock. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Advance Auto Parts 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 debt-to-equity ratio of 0.44, a quick ratio of 0.21 and a current ratio of 1.13. Advance Auto Parts has a fifty-two week low of $117.89 and a fifty-two week high of $231.43. The stock has a 50 day moving average price of $144.08 and a two-hundred day moving average price of $156.19. The company has a market capitalization of $7.08 billion, a P/E ratio of 14.44, a PEG ratio of 1.00 and a beta of 1.12.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd lifted its position in shares of Advance Auto Parts by 113.7% in the first quarter. Covestor Ltd now owns 156 shares of the company’s stock valued at $32,000 after acquiring an additional 83 shares in the last quarter. First Personal Financial Services grew its stake in shares of Advance Auto Parts by 113.3% in the third quarter. First Personal Financial Services now owns 224 shares of the company’s stock valued at $35,000 after buying an additional 119 shares in the last quarter. Private Trust Co. NA acquired a new stake in shares of Advance Auto Parts in the second quarter valued at $36,000. AllSquare Wealth Management LLC acquired a new position in Advance Auto Parts during the 2nd quarter worth $43,000. Finally, General Partner Inc. acquired a new position in Advance Auto Parts during the 4th quarter worth $44,000. 96.04% of the stock is currently owned by institutional investors and hedge funds.

Advance Auto Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, April 14th will be paid a dividend of $1.50 per share. The ex-dividend date is Thursday, April 13th. This represents a $6.00 annualized dividend and a yield of 5.03%. Advance Auto Parts’s payout ratio is presently 72.55%.

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.