Advance Auto Parts Announces Supply Chain Leadership Changes

Advance Auto Parts Announces Supply Chain Leadership Changes

RALEIGH, N.C.–(Organization WIRE)–Progress Automobile Components, Inc. (NYSE: AAP), a top automotive aftermarket sections company, these days declared that Reuben E. Slone, executive vice president, provide chain, will retire from the company and be succeeded by Stephen J. Szilagyi. Mr. Szilagyi arrives to Progress from MSC Industrial Provide, Inc., in which he served as senior vice president, client methods from 2018 to 2021 and senior vice president, supply chain from 2017 to 2018. Prior to that, Mr. Szilagyi spent 15 years with Lowe’s Firms, Inc., in a assortment of roles of increasing obligation, which include main offer chain officer from 2013 to 2016. At the two MSC and Lowe’s, Mr. Szilagyi’s leadership served travel significant improvements in sales development, basic safety, good quality, service and productivity. Mr. Szilagyi will begin as Advance’s government vice president, chief offer chain officer, and join Advance’s Leadership Crew on January 9, 2023.

“We are exceptionally grateful for the various contributions Reuben has created, very first as a board member of Progress from 2016 to 2018 and then as a member of Advance’s senior executive team considering the fact that October 2018,” explained Tom Greco, Advance’s president and main govt officer. “With his wealth of working experience and deep being familiar with of our enterprise, underneath Reuben’s leadership, we have considerably enhanced our supply chain functions. Reuben also has designed a a lot more powerful workforce and society in the supply chain organization, creating it an optimum time to make a leadership changeover.”

Greco ongoing, “I’m thrilled to welcome Steve to the Advance family members next an comprehensive look for. As a seasoned and achieved offer chain government with additional than 25 several years of working experience, Steve provides a deep understanding of both equally retail and experienced enterprise to small business supply chain operations together with a confirmed keep track of history of effects, innovation and management. I appear forward to working closely with him as we elevate the bar on the execution of our system.”

Mr. Szilagyi will report instantly to Greco. Both Mr. Slone and Mr. Szilagyi will companion carefully to guarantee a sleek transition, while Mr. Slone functions with the Progress team in an advisory purpose by April 2023.

About Progress Automobile Parts

Progress Vehicle Areas, Inc. is a major automotive aftermarket pieces service provider that serves both equally experienced installer and do-it-yourself consumers. As of October 8, 2022, Progress operated 4,747 stores and 313 Worldpac branches largely in the United States, with additional spots in Canada, Puerto Rico and the U.S. Virgin Islands. The firm also served 1,335 independently owned Carquest branded suppliers across these spots in addition to Mexico and many Caribbean islands. Extra data about Progress, which includes work options, shopper expert services, and on the internet procuring for elements, add-ons and other choices can be located at www.AdvanceAutoParts.com.

Forward-On the lookout Statements

Certain statements herein are “ahead-looking statements” in the meaning of the Non-public Securities Litigation Reform Act of 1995. Forward-on the lookout statements are typically identifiable by text such as “anticipate,” “consider,” “could,” “estimate,” “count on,” “forecast,” “steering,” “intend,” “probable,” “may perhaps,” “program,” “situation,” “doable,” “opportunity,” “probable,” “project,” “must,” “technique,” “will” or comparable language. All statements other than statements of historical truth are ahead-wanting statements, which includes, but not constrained to, statements about the company’s strategic initiatives, operational designs and objectives, anticipations for economic disorders and recovery and foreseeable future business and economical overall performance, as properly as statements about underlying assumptions linked thereto. Ahead-wanting statements replicate the firm’s views based on historic final results, present-day information and facts and assumptions linked to upcoming developments. Apart from as could be expected by law, the corporation undertakes no obligation to update any forward-seeking statements built herein. Forward-hunting statements are matter to a amount of dangers and uncertainties that could induce precise results to differ materially from these projected or implied by the ahead-seeking statements. They involve, among the others, elements connected to the timing and implementation of strategic initiatives, such as with regard to labor shortages or disruptions and the impression on our capacity to total retail store openings, deterioration of typical macroeconomic circumstances, the remarkably aggressive mother nature of the company’s industry, desire for the company’s goods and solutions, complexities in its inventory and source chain, issues with reworking and expanding its organization and things linked to the present-day world-wide COVID-19 pandemic. Remember to refer to “Product 1A. Threat Components.” of the firm’s most modern Once-a-year Report on Variety 10-K, as up to date by other filings made by the company with the Securities and Exchange Fee, for a description of these and other hazards and uncertainties that could result in genuine final results to vary materially from individuals projected or implied by the ahead-searching statements.

Stephens Lowers Advance Auto Parts (NYSE:AAP) Price Target to $164.00

Stephens Lowers Advance Auto Parts (NYSE:AAP) Price Target to $164.00

Advance Auto Parts (NYSE:AAP – Get Rating) had its target price dropped by Stephens from $196.00 to $164.00 in a report released on Monday, Stock Target Advisor reports. The brokerage presently has an “equal weight” rating on the stock. Stephens’ price objective points to a potential upside of 9.87{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} from the company’s current price.

Several other analysts have also issued reports on the company. The Goldman Sachs Group dropped their price objective on Advance Auto Parts from $230.00 to $197.00 and set a “buy” rating on the stock in a research note on Thursday. Citigroup lowered Advance Auto Parts from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $216.00 to $161.00 in a research note on Thursday. Royal Bank of Canada dropped their price objective on Advance Auto Parts from $199.00 to $165.00 and set a “sector perform” rating on the stock in a research note on Thursday. Morgan Stanley dropped their price objective on Advance Auto Parts from $205.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Wells Fargo & Company dropped their price objective on Advance Auto Parts from $200.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 16th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $193.67.

Advance Auto Parts Stock Up 1.2 {49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}

AAP traded up $1.77 on Monday, hitting $149.27. 9,129 shares of the company were exchanged, compared to its average volume of 849,606. Advance Auto Parts has a 12 month low of $145.59 and a 12 month high of $244.55. The company has a market cap of $8.97 billion, a PE ratio of 19.23, a PEG ratio of 0.93 and a beta of 1.27. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.23 and a current ratio of 1.13. The stock’s fifty day moving average is $171.75 and its 200-day moving average is $181.89.

Advance Auto Parts (NYSE:AAP – Get Rating) last released its earnings results on Tuesday, August 23rd. The company reported $3.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.74. Advance Auto Parts had a return on equity of 25.97{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} and a net margin of 4.30{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the company posted $3.40 earnings per share. Equities research analysts predict that Advance Auto Parts will post 12.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Advance Auto Parts

Large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its position in Advance Auto Parts by 1.5{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the second quarter. Janney Montgomery Scott LLC now owns 29,117 shares of the company’s stock worth $5,139,000 after buying an additional 421 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Advance Auto Parts by 47.9{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the first quarter. Mercer Global Advisors Inc. ADV now owns 8,278 shares of the company’s stock worth $1,713,000 after buying an additional 2,682 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Advance Auto Parts by 1.8{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the first quarter. PNC Financial Services Group Inc. now owns 10,659 shares of the company’s stock worth $2,206,000 after purchasing an additional 192 shares during the last quarter. Vestmark Advisory Solutions Inc. lifted its stake in Advance Auto Parts by 53.3{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the second quarter. Vestmark Advisory Solutions Inc. now owns 8,461 shares of the company’s stock worth $1,465,000 after purchasing an additional 2,941 shares during the last quarter. Finally, Central Bank & Trust Co. lifted its stake in Advance Auto Parts by 61.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} during the second quarter. Central Bank & Trust Co. now owns 223 shares of the company’s stock worth $39,000 after purchasing an additional 85 shares during the last quarter. Institutional investors and hedge funds own 99.47{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} of the company’s stock.

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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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Advance Auto Parts, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Advance Auto Parts wasn’t on the list.

While Advance Auto Parts currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Advance Auto Parts, Inc. (NYSE:AAP) Receives Average Rating of “Moderate Buy” from Analysts

Advance Auto Parts, Inc. (NYSE:AAP) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Advance Auto Parts, Inc. (NYSE:AAP – Get Rating) have been given a consensus rating of “Moderate Buy” by the nineteen analysts that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $235.00.

Several research firms have commented on AAP. Truist Financial decreased their price target on shares of Advance Auto Parts from $238.00 to $228.00 and set a “buy” rating for the company in a research report on Thursday, August 25th. UBS Group cut their price objective on shares of Advance Auto Parts from $250.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday, August 24th. Morgan Stanley cut their price objective on shares of Advance Auto Parts from $225.00 to $205.00 and set an “equal weight” rating on the stock in a report on Thursday, August 25th. Raymond James cut their price objective on shares of Advance Auto Parts from $220.00 to $210.00 and set a “strong-buy” rating on the stock in a report on Thursday, October 20th. Finally, Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $217.00 to $199.00 in a report on Thursday, August 25th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Advance Auto Parts by 3.9{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in the 1st quarter. Vanguard Group Inc. now owns 6,970,480 shares of the company’s stock worth $1,442,611,000 after acquiring an additional 261,715 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Advance Auto Parts by 3.6{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in the 1st quarter. Clearbridge Investments LLC now owns 3,313,689 shares of the company’s stock worth $685,801,000 after acquiring an additional 114,789 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Advance Auto Parts by 22.4{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in the 2nd quarter. JPMorgan Chase & Co. now owns 2,636,189 shares of the company’s stock worth $456,297,000 after acquiring an additional 482,858 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Advance Auto Parts by 16.1{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in the 1st quarter. American Century Companies Inc. now owns 1,676,374 shares of the company’s stock worth $346,943,000 after acquiring an additional 232,904 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its stake in shares of Advance Auto Parts by 1.2{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} in the 1st quarter. Champlain Investment Partners LLC now owns 1,642,607 shares of the company’s stock worth $339,954,000 after acquiring an additional 19,604 shares during the last quarter. Hedge funds and other institutional investors own 99.47{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} of the company’s stock.

Advance Auto Parts Stock Up 1.6 {49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}

Shares of AAP opened at $186.39 on Friday. The firm has a market capitalization of $11.21 billion, a P/E ratio of 21.62, a P/E/G ratio of 1.08 and a beta of 1.27. Advance Auto Parts has a 12-month low of $154.46 and a 12-month high of $244.55. The company has a current ratio of 1.16, a quick ratio of 0.25 and a debt-to-equity ratio of 0.42. The firm has a fifty day moving average price of $173.04 and a 200-day moving average price of $183.57.

Advance Auto Parts (NYSE:AAP – Get Rating) last released its quarterly earnings data on Tuesday, August 23rd. The company reported $3.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.74. The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.75 billion. Advance Auto Parts had a net margin of 4.84{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} and a return on equity of 25.99{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. During the same period in the prior year, the firm earned $3.40 earnings per share. Equities research analysts expect that Advance Auto Parts will post 12.98 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a $1.50 dividend. The ex-dividend date was Thursday, September 15th. This represents a $6.00 dividend on an annualized basis and a yield of 3.22{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}. Advance Auto Parts’s payout ratio is currently 69.61{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}.

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

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Advance Auto Parts, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Advance Auto Parts wasn’t on the list.

While Advance Auto Parts currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Advance Auto Parts Q3 Preview: What’s in Store?

Advance Auto Parts Q3 Preview: What’s in Store?

The Zacks Retail and Wholesale sector has sailed via tough waters in 2022 struggling with substantial inflation, down additional than 30{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} and lagging behind the S&P 500 by a reasonable margin.

A widely-recognized name in the realm, Progress Vehicle Elements AAP, is on deck to unveil quarterly earnings on November 15th, following the current market close.

Advance Auto Elements largely sells substitution elements (excluding tires), extras, batteries, and maintenance goods for domestic and imported vehicles, vans, activity utility vehicles, and mild and significant-duty vans.

Presently, the automotive giant carries a Zacks Rank #3 (Hold) paired with an overall VGM Score of an A.

How does anything else stack up heading into the print? Let us take a closer search.

Share Effectiveness & Valuation

AAP shares have struggled to obtain their footing in 2022, down around 25{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} but outperforming the Zacks Retail and Wholesale sector modestly.

Zacks Investment Research

Zacks Expense Study

Graphic Supply: Zacks Investment decision Investigate

Above the final 3 months, the tale has remained the similar AAP shares have outperformed the Zacks Retail and Wholesale sector, down around 10{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}.

Zacks Investment Research

Zacks Expense Research

Impression Resource: Zacks Investment decision Study

Now, shares trade at a 13.5X ahead P/E ratio, nicely beneath its 18.8X five-calendar year median and reflecting a strong 41{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} discounted relative to its Zacks sector.

More, Advance Vehicle Elements sports activities a Model Rating of an A for Value.

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Zacks Investment Analysis

Picture Source: Zacks Expenditure Analysis

Quarterly Estimates

A singular analyst has reduced their earnings outlook for the quarter to be reported around the past several months, with the Zacks Consensus EPS Estimate of $3.31 suggesting a Y/Y uptick in earnings of a lot more than 3{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5}.

Zacks Investment Research

Zacks Expense Analysis

Image Supply: Zacks Investment Analysis

The company’s prime-line appears to be in sound standing as properly the Zacks Consensus Revenue Estimate of $2.7 billion signifies an advancement of a marginal 1.2{49e09b23eae7466ccc7574c19ebb3019301c9a11d2999feff81a3526451546a5} Y/Y.

Quarterly Overall performance

AAP has largely exceeded earnings estimates, surpassing the Zacks Consensus EPS Estimate in 7 of its final 10 quarters. In its hottest print, the organization described earnings in-line with anticipations.

As of late, gross sales outcomes have still left some to be desired, with the company falling quick of earnings estimates in again-to-back again quarters. Below is a chart illustrating the company’s revenue on a quarterly foundation.

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Zacks Financial commitment Investigation

Image Source: Zacks Financial investment Study

Placing Every little thing With each other

AAP shares are in the pink calendar year-to-date but have outperformed the Zacks Retail and Wholesale sector across numerous timeframes.

Shares are not high-priced, with the company’s forward earnings numerous very well down below the 5-12 months median and Zacks sector regular.

A singular analyst has lowered their earnings outlook above the last a number of months, with estimates indicating a Y/Y uptick in both of those revenue and earnings.

The corporation posted earnings in-line with anticipations in its most recent print and has fallen brief of profits estimates in again-to-back quarters.

Heading into the release, Progress Automobile Areas AAP carries a Zacks Rank #3 (Keep) paired with an all round VGM Score of an A.

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Three things shops want when sourcing parts

Three things shops want when sourcing parts

Impression credit rating: Depositphotos.com

There are three new elements coming into engage in when a shop decides from which distributor they are acquiring areas: Complex info, customer acquisition and sections on hand.

These are becoming added to the traditional aggressive aspects that currently exist, according to Lang Marketing: Ordering programs, item availability, products pricing and timely components shipping.

Making sure the three new parts are meeting needs “can offer sizeable competitive pros to distributors who offer areas,” Lang said in its Aftermarket iReport New Competitive Dynamics Change DIFM Source.

The reason for the enhanced significance placed on technological data is many thanks to the expanding complexity of vehicles making this sort of important to be certain fast vehicle diagnostics and restore.

“Most automotive specialized information originates from carmakers and parts suppliers,” the report said. “As the installer’s wants for this details improves, distributors can seize the opportunity to husband or wife with carmakers and areas companies to market the use of their merchandise and makes.”

So a retail outlet providing the facts could be “a impressive advantage” when as opposed to the jobber down the road that does not do the similar.

On purchaser acquisition, Lang observed this is the most important problem outlets experience. Automobile complexity and growing dealer toughness have led shoppers to imagine that it is in truth the sellers that are much better outfitted to repair service their cars.

“By encouraging installers to catch the attention of support bay shoppers, distributors can supply included value to DIFM (professional) shops outside of the services frequently made available by rivals,” the report mentioned.

For illustration, banner programs and online-to-offline (o2o) transactions can be practical below.

“Banner applications help installers to entice customers and enhance associations involving distributors and installers by encouraging to grow the business of installers and, hence, the quantity of parts they order from distributors,” Lang noticed.

With o2o, distributors can allow shoppers to buy parts on the web and routine their restore from an licensed community of stores. So much, e-commerce platforms have labored well for battery and tire profits.

“However, brick-and-mortar distributors can acquire strategies to use o2o procedures to improve their customers’ bay exercise,” Lang explained. “This will become ever more crucial for B&M distributors as e-commerce platforms increase their o2o car fix existence and disrupt vehicle restore sales and the distribution of parts for individuals repairs.”

Finally, possessing pieces on hand is crucial since obtaining the vital element is perhaps the major challenge specialists confront when carrying out repairs and making sure client satisfaction. The report prompt stores hold usually desired components on hand them selves, lessening the require to hold out for a shipping.

And o2o helps here as perfectly, the report mentioned.

“Distributors can make it possible for buyers to get maintenance parts they desire to have set up. Distributors can then produce the expected pieces to installers just before the car comes at the fix outlet,” Lang explained.