Ethic Inc. Invests $1.72 Million in AutoZone, Inc. (NYSE:AZO)

Ethic Inc. bought a new position in shares of AutoZone, Inc. (NYSE:AZOGet Rating) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 843 shares of the company’s stock, valued at approximately $1,724,000.

Several other hedge funds have also made changes to their positions in AZO. Echo Street Capital Management LLC lifted its position in AutoZone by 9.3% in the first quarter. Echo Street Capital Management LLC now owns 117 shares of the company’s stock valued at $239,000 after purchasing an additional 10 shares during the period. Cresset Asset Management LLC lifted its position in AutoZone by 4.5% in the first quarter. Cresset Asset Management LLC now owns 345 shares of the company’s stock valued at $706,000 after purchasing an additional 15 shares during the period. Vident Investment Advisory LLC lifted its position in AutoZone by 9.3% in the first quarter. Vident Investment Advisory LLC now owns 3,858 shares of the company’s stock valued at $7,888,000 after purchasing an additional 329 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in AutoZone in the first quarter valued at about $1,010,000. Finally, Invesco Ltd. lifted its position in AutoZone by 24.3% in the first quarter. Invesco Ltd. now owns 224,279 shares of the company’s stock valued at $458,557,000 after purchasing an additional 43,840 shares during the period. Institutional investors and hedge funds own 92.90% of the company’s stock.

Insider Buying and Selling

In related news, VP Domingo Hurtado sold 395 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $2,217.53, for a total transaction of $875,924.35. Following the sale, the vice president now owns 362 shares in the company, valued at $802,745.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO William C. Rhodes III sold 2,958 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $2,206.33, for a total transaction of $6,526,324.14. Following the sale, the chief executive officer now owns 15,935 shares in the company, valued at $35,157,868.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Domingo Hurtado sold 395 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $2,217.53, for a total transaction of $875,924.35. Following the sale, the vice president now owns 362 shares in the company, valued at approximately $802,745.86. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AZO. The Goldman Sachs Group upgraded shares of AutoZone from a “neutral” rating to a “buy” rating and raised their price objective for the company from $1,969.00 to $2,296.00 in a research report on Monday, June 27th. Stephens increased their target price on shares of AutoZone from $2,195.00 to $2,285.00 and gave the company an “overweight” rating in a report on Thursday, May 26th. DA Davidson increased their target price on shares of AutoZone from $1,900.00 to $1,920.00 and gave the company a “neutral” rating in a report on Wednesday, May 25th. Wedbush reaffirmed an “outperform” rating on shares of AutoZone in a report on Monday, May 23rd. Finally, MKM Partners initiated coverage on shares of AutoZone in a report on Thursday, June 23rd. They issued a “buy” rating and a $2,350.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,175.29.

AutoZone Price Performance

Shares of AZO opened at $2,199.08 on Monday. The firm has a 50 day simple moving average of $2,191.35 and a 200-day simple moving average of $2,082.37. AutoZone, Inc. has a 1-year low of $1,540.98 and a 1-year high of $2,362.24. The stock has a market cap of $42.86 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.57 and a beta of 0.78.

About AutoZone

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AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps, as well as tire repairs.

Further Reading

Institutional Ownership by Quarter for AutoZone (NYSE:AZO)

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