Q2 2022 EPS Estimates for Advance Auto Parts, Inc. Reduced by Analyst (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) – Investment analysts at Wedbush cut their Q2 2022 earnings per share (EPS) estimates for shares of Advance Auto Parts in a research note issued on Tuesday, May 24th. Wedbush analyst S. Basham now forecasts that the company will earn $4.00 per share for the quarter, down from their prior forecast of $4.08. Wedbush has a “Outperform” rating and a $215.00 price objective on the stock. Wedbush also issued estimates for Advance Auto Parts’ Q3 2022 earnings at $3.67 EPS, Q4 2022 earnings at $2.29 EPS, FY2022 earnings at $13.55 EPS and FY2023 earnings at $14.85 EPS.

Advance Auto Parts (NYSE:AAP – Get Rating) last announced its quarterly earnings data on Monday, May 23rd. The company reported $3.57 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.02). Advance Auto Parts had a net margin of 5.60% and a return on equity of 23.63%. The firm had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.39 billion. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.34 earnings per share.

Several other analysts have also recently commented on the stock. Morgan Stanley decreased their price target on shares of Advance Auto Parts from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Tuesday. StockNews.com upgraded Advance Auto Parts from a “hold” rating to a “buy” rating in a research report on Friday, May 20th. Royal Bank of Canada cut their price target on Advance Auto Parts from $247.00 to $217.00 in a report on Wednesday. Citigroup decreased their price objective on Advance Auto Parts from $294.00 to $250.00 in a report on Friday, May 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Advance Auto Parts from $276.00 to $280.00 in a report on Friday, February 11th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $247.19.

Shares of AAP opened at $180.23 on Wednesday. The business’s 50 day moving average is $210.25 and its 200 day moving average is $221.09. The company has a current ratio of 1.21, a quick ratio of 0.31 and a debt-to-equity ratio of 0.33. Advance Auto Parts has a 12-month low of $172.86 and a 12-month high of $244.55. The company has a market capitalization of $11.01 billion, a PE ratio of 18.91, a price-to-earnings-growth ratio of 1.12 and a beta of 1.22.

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its position in Advance Auto Parts by 287.6% during the 1st quarter. FMR LLC now owns 139,025 shares of the company’s stock valued at $23,708,000 after purchasing an additional 103,160 shares during the period. Creative Planning increased its holdings in Advance Auto Parts by 5.8% during the third quarter. Creative Planning now owns 1,589 shares of the company’s stock valued at $332,000 after buying an additional 87 shares during the period. Allianz Asset Management GmbH raised its stake in Advance Auto Parts by 11.0% in the third quarter. Allianz Asset Management GmbH now owns 5,129 shares of the company’s stock worth $1,072,000 after buying an additional 508 shares in the last quarter. US Bancorp DE raised its stake in Advance Auto Parts by 1.3% in the third quarter. US Bancorp DE now owns 4,556 shares of the company’s stock worth $952,000 after buying an additional 60 shares in the last quarter. Finally, BOKF NA bought a new stake in Advance Auto Parts during the 3rd quarter valued at $280,000. 98.99% of the stock is owned by institutional investors and hedge funds.

About Advance Auto Parts (Get Rating)

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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