FY2023 Earnings Forecast for Advance Auto Parts, Inc. (NYSE:AAP) Issued By DA Davidson

Advance Auto Parts, Inc. (NYSE:AAP - Free Report) - Stock analysts at DA Davidson decreased their FY2023 earnings estimates for Advance Auto Parts in a research report issued to clients and investors on Thursday, August 24th. DA Davidson analyst M. Baker now anticipates that the company will post earnings per share of $4.70 for the year, down from their previous estimate of $6.14. The consensus estimate for Advance Auto Parts' current full-year earnings is $4.72 per share. DA Davidson also issued estimates for Advance Auto Parts' FY2024 earnings at $5.71 EPS.

Advance Auto Parts (NYSE:AAP - Get Free Report) last released its earnings results on Wednesday, August 23rd. The company reported $1.43 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.23). The business had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.66 billion. Advance Auto Parts had a return on equity of 17.53% and a net margin of 3.08%. The company's revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.74 earnings per share.

Several other research firms have also recently commented on AAP. Bank of America cut shares of Advance Auto Parts from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $178.00 to $85.00 in a research report on Thursday, June 1st. Evercore ISI dropped their price target on Advance Auto Parts from $145.00 to $80.00 in a research report on Thursday, June 1st. Royal Bank of Canada decreased their price objective on Advance Auto Parts from $84.00 to $70.00 and set a "sector perform" rating for the company in a report on Thursday. Wedbush restated a "neutral" rating and set a $80.00 target price on shares of Advance Auto Parts in a report on Thursday. Finally, UBS Group lowered their price target on shares of Advance Auto Parts from $132.00 to $75.00 in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $94.74.

Check Out Our Latest Analysis on Advance Auto Parts

AAP stock opened at $64.08 on Monday. Advance Auto Parts has a 52 week low of $63.09 and a 52 week high of $194.35. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.24 and a current ratio of 1.26. The firm's fifty day moving average is $70.10 and its 200 day moving average is $101.83. The firm has a market cap of $3.81 billion, a P/E ratio of 11.09, a P/E/G ratio of 1.22 and a beta of 1.08.

A number of hedge funds have recently modified their holdings of AAP. Sequoia Financial Advisors LLC grew its position in shares of Advance Auto Parts by 23.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 44,104 shares of the company's stock valued at $5,363,000 after buying an additional 8,466 shares during the last quarter. Brookstone Capital Management acquired a new stake in shares of Advance Auto Parts during the first quarter valued at about $13,121,000. Personal CFO Solutions LLC raised its stake in shares of Advance Auto Parts by 11.2% in the 1st quarter. Personal CFO Solutions LLC now owns 3,553 shares of the company's stock valued at $432,000 after purchasing an additional 359 shares in the last quarter. Brandywine Global Investment Management LLC boosted its holdings in Advance Auto Parts by 92.0% in the fourth quarter. Brandywine Global Investment Management LLC now owns 84,994 shares of the company's stock worth $12,497,000 after purchasing an additional 40,720 shares during the period. Finally, Commerce Bank lifted its holdings in Advance Auto Parts by 17.5% in the fourth quarter. Commerce Bank now owns 24,380 shares of the company's stock worth $3,585,000 after acquiring an additional 3,636 shares during the last quarter. 91.32% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Carla Jean Bailo purchased 500 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was bought at an average cost of $65.90 per share, for a total transaction of $32,950.00. Following the completion of the transaction, the director now directly owns 500 shares in the company, valued at $32,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Carla Jean Bailo bought 500 shares of Advance Auto Parts stock in a transaction on Wednesday, June 7th. The stock was acquired at an average cost of $65.90 per share, for a total transaction of $32,950.00. Following the completion of the acquisition, the director now owns 500 shares of the company's stock, valued at approximately $32,950. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas A. Pertz bought 4,575 shares of Advance Auto Parts stock in a transaction that occurred on Monday, June 12th. The shares were acquired at an average cost of $66.02 per share, for a total transaction of $302,041.50. Following the completion of the transaction, the director now directly owns 12,831 shares in the company, valued at $847,102.62. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 5,463 shares of company stock valued at $359,924. 0.63% of the stock is owned by company insiders.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, October 12th. Advance Auto Parts's dividend payout ratio is currently 17.30%.

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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