Advance Auto Parts (AAP) Expected to Post Quarterly Sales of $2.91 Billion

Wall Street brokerages expect that Advance Auto Parts (NYSE:AAP) will report $2.91 billion in sales for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Advance Auto Parts’ earnings. The lowest sales estimate is $2.87 billion and the highest is $2.97 billion. Advance Auto Parts posted sales of $2.89 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.7%. The business is expected to announce its next earnings report before the market opens on Tuesday, May 22nd.

On average, analysts expect that Advance Auto Parts will report full year sales of $9.40 billion for the current year, with estimates ranging from $9.31 billion to $9.53 billion. For the next financial year, analysts expect that the business will report sales of $9.56 billion per share, with estimates ranging from $9.42 billion to $9.76 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Advance Auto Parts.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Wednesday, February 21st. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.12. Advance Auto Parts had a return on equity of 12.45% and a net margin of 5.07%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the business earned $1.00 EPS. The business’s revenue for the quarter was down 2.2% on a year-over-year basis.

A number of research analysts have weighed in on the company. Credit Suisse Group downgraded Advance Auto Parts to a “hold” rating and set a $122.00 target price on the stock. in a report on Wednesday. Zacks Investment Research upgraded Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Tuesday. Atlantic Securities upgraded Advance Auto Parts from a “neutral” rating to an “overweight” rating and set a $140.00 target price on the stock in a report on Tuesday, May 8th. Wells Fargo assumed coverage on Advance Auto Parts in a report on Monday, April 23rd. They set a “market perform” rating and a $110.00 target price on the stock. Finally, Guggenheim upgraded Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $131.00 target price on the stock in a report on Tuesday, April 17th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $115.33.

Shares of Advance Auto Parts traded down $1.47, reaching $118.32, during midday trading on Tuesday, MarketBeat reports. 1,085,141 shares of the stock were exchanged, compared to its average volume of 1,258,606. Advance Auto Parts has a 1 year low of $78.81 and a 1 year high of $151.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.36 and a current ratio of 1.56. The company has a market capitalization of $8.81 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 1.31 and a beta of 1.05.

In other Advance Auto Parts news, insider Thomas Greco bought 8,640 shares of the business’s stock in a transaction on Wednesday, March 21st. The shares were acquired at an average cost of $115.77 per share, for a total transaction of $1,000,252.80. Following the purchase, the insider now owns 135,081 shares in the company, valued at approximately $15,638,327.37. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John C. Brouillard sold 1,745 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $116.08, for a total value of $202,559.60. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Balentine LLC purchased a new stake in Advance Auto Parts during the 4th quarter valued at $100,000. Stratos Wealth Partners LTD. lifted its holdings in shares of Advance Auto Parts by 1,148.4% during the 1st quarter. Stratos Wealth Partners LTD. now owns 1,186 shares of the company’s stock valued at $141,000 after buying an additional 1,091 shares during the period. Assetmark Inc. lifted its holdings in shares of Advance Auto Parts by 71.6% during the 4th quarter. Assetmark Inc. now owns 1,488 shares of the company’s stock valued at $148,000 after buying an additional 621 shares during the period. IFM Investors Pty Ltd bought a new position in shares of Advance Auto Parts during the 4th quarter valued at $207,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Advance Auto Parts during the 4th quarter valued at $207,000.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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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Earnings History and Estimates for Advance Auto Parts (NYSE:AAP)

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