Advance Auto Parts (NYSE:AAP) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Advance Auto Parts (NYSE:AAP – Get Rating) released its earnings results on Monday. The company reported $3.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.02), MarketWatch Earnings reports. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.39 billion. Advance Auto Parts had a return on equity of 23.63% and a net margin of 5.60%. Advance Auto Parts’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.34 EPS. Advance Auto Parts updated its FY 2022 guidance to $13.30-$13.85 EPS and its FY22 guidance to $13.30-$13.85 EPS.

Shares of NYSE:AAP traded up $5.20 during trading on Wednesday, hitting $185.43. 51,052 shares of the stock traded hands, compared to its average volume of 867,212. The company has a quick ratio of 0.31, a current ratio of 1.21 and a debt-to-equity ratio of 0.33. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 19.49, a P/E/G ratio of 1.12 and a beta of 1.22. The company has a fifty day moving average price of $210.25 and a two-hundred day moving average price of $221.09. Advance Auto Parts has a 52-week low of $172.86 and a 52-week high of $244.55.

Several research analysts recently commented on AAP shares. Guggenheim reduced their price target on shares of Advance Auto Parts from $266.00 to $259.00 and set a “buy” rating on the stock in a research note on Wednesday. Morgan Stanley reduced 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 raised shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Friday, May 20th. JPMorgan Chase & Co. raised their price target on shares of Advance Auto Parts from $276.00 to $280.00 in a research note on Friday, February 11th. Finally, Stephens reduced their price target on shares of Advance Auto Parts from $246.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $243.11.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Covestor Ltd increased its holdings in Advance Auto Parts by 113.7% in the 1st quarter. Covestor Ltd now owns 156 shares of the company’s stock worth $32,000 after acquiring an additional 83 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Advance Auto Parts by 19.6% in the 4th quarter. Penserra Capital Management LLC now owns 281 shares of the company’s stock worth $67,000 after acquiring an additional 46 shares in the last quarter. Virtu Financial LLC purchased a new stake in Advance Auto Parts in the 1st quarter worth $209,000. Enlightenment Research LLC purchased a new stake in Advance Auto Parts in the 1st quarter worth $212,000. Finally, Private Advisor Group LLC purchased a new stake in Advance Auto Parts in the 1st quarter worth $232,000. 98.99% of the stock is owned by institutional investors.

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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