Oppenheimer Comments on Advance Auto Parts, Inc.’s Q2 2022 Earnings (NYSE:AAP)

Advance Auto Parts, Inc. (NYSE:AAPGet Rating) – Equities research analysts at Oppenheimer reduced their Q2 2022 earnings per share (EPS) estimates for shares of Advance Auto Parts in a report issued on Wednesday, May 25th. Oppenheimer analyst B. Nagel now anticipates that the company will earn $3.74 per share for the quarter, down from their previous forecast of $3.82. Oppenheimer also issued estimates for Advance Auto Parts’ Q3 2022 earnings at $3.63 EPS, Q4 2022 earnings at $2.62 EPS, FY2022 earnings at $13.57 EPS and FY2023 earnings at $14.84 EPS.

Other equities analysts have also issued reports about the stock. Citigroup reduced their target price on shares of Advance Auto Parts from $294.00 to $250.00 in a research report on Friday, May 13th. Wells Fargo & Company cut their price objective on shares of Advance Auto Parts from $230.00 to $200.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 24th. Guggenheim cut their price objective on shares of Advance Auto Parts from $266.00 to $259.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $247.00 to $217.00 in a report on Wednesday. Finally, StockNews.com raised shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a report on Friday, May 20th. Six research 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, Advance Auto Parts currently has a consensus rating of “Buy” and an average price target of $243.11.

Shares of NYSE:AAP opened at $193.05 on Friday. The firm has a market cap of $11.79 billion, a PE ratio of 20.26, a price-to-earnings-growth ratio of 1.12 and a beta of 1.22. The firm’s 50 day simple moving average is $209.22 and its 200-day simple moving average is $220.21. Advance Auto Parts has a one year low of $172.86 and a one year high of $244.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.31 and a current ratio of 1.21.

Advance Auto Parts (NYSE:AAPGet Rating) last issued its earnings results on Monday, May 23rd. The company reported $3.57 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.02). The company had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Advance Auto Parts had a return on equity of 23.63% and a net margin of 5.60%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $3.34 earnings per share.

Several large investors have recently bought and sold shares of AAP. FMR LLC lifted its stake in shares of Advance Auto Parts by 287.6% during the first quarter. FMR LLC now owns 139,025 shares of the company’s stock worth $23,708,000 after buying an additional 103,160 shares during the period. Creative Planning lifted its position 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 purchasing an additional 87 shares during the period. Allianz Asset Management GmbH lifted its position in Advance Auto Parts by 11.0% during the third quarter. Allianz Asset Management GmbH now owns 5,129 shares of the company’s stock valued at $1,072,000 after purchasing an additional 508 shares during the period. US Bancorp DE lifted its position in Advance Auto Parts by 1.3% during the third quarter. US Bancorp DE now owns 4,556 shares of the company’s stock valued at $952,000 after purchasing an additional 60 shares during the period. Finally, BOKF NA acquired a new position in Advance Auto Parts during the third quarter valued at $280,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

Advance Auto Parts Company Profile (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.

Further Reading

Earnings History and Estimates for Advance Auto Parts (NYSE:AAP)

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