Advance Auto Parts’ (AAP) “Outperform” Rating Reiterated at Wedbush

Advance Auto Parts (NYSE:AAP)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research note issued on Friday,Benzinga reports. They currently have a $55.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 45.93% from the stock’s current price. Wedbush also issued estimates for Advance Auto Parts’ Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $2.25 EPS, FY2025 earnings at $2.68 EPS and FY2026 earnings at $3.77 EPS.

A number of other research firms have also weighed in on AAP. The Goldman Sachs Group cut their target price on shares of Advance Auto Parts from $60.00 to $43.00 and set a “neutral” rating for the company in a research report on Friday. Royal Bank of Canada lowered their target price on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating on the stock in a research note on Monday, November 11th. TD Cowen dropped their price objective on Advance Auto Parts from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, August 23rd. Truist Financial cut their target price on shares of Advance Auto Parts from $41.00 to $39.00 and set a “hold” rating for the company in a research note on Friday. Finally, Roth Mkm reiterated a “neutral” rating and set a $40.00 price target on shares of Advance Auto Parts in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $49.14.

Advance Auto Parts Price Performance

Shares of NYSE AAP opened at $37.69 on Friday. Advance Auto Parts has a twelve month low of $35.59 and a twelve month high of $88.56. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.63, a PEG ratio of 1.33 and a beta of 1.17. The firm has a 50-day moving average of $39.02 and a two-hundred day moving average of $54.24. The company has a current ratio of 1.23, a quick ratio of 0.30 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a return on equity of 0.05% and a net margin of 0.01%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.43 earnings per share. As a group, analysts expect that Advance Auto Parts will post 2.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wolverine Asset Management LLC raised its stake in shares of Advance Auto Parts by 212.4% in the third quarter. Wolverine Asset Management LLC now owns 31,357 shares of the company’s stock valued at $1,223,000 after buying an additional 21,320 shares during the period. BW Gestao de Investimentos Ltda. purchased a new position in Advance Auto Parts during the second quarter worth about $7,916,000. Renaissance Technologies LLC grew its holdings in shares of Advance Auto Parts by 26.9% during the second quarter. Renaissance Technologies LLC now owns 185,450 shares of the company’s stock worth $11,745,000 after purchasing an additional 39,300 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Advance Auto Parts during the 3rd quarter valued at $17,477,000. Finally, AQR Capital Management LLC increased its position in shares of Advance Auto Parts by 31.0% during the 2nd quarter. AQR Capital Management LLC now owns 233,521 shares of the company’s stock valued at $14,740,000 after purchasing an additional 55,226 shares during 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.