AutoZone (NYSE:AZO) Stock Price Down 2.8% Following Weak Earnings

Shares of AutoZone, Inc. (NYSE:AZO) fell 2.8% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $3,750.00 and last traded at $3,720.91. 35,604 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 128,464 shares. The stock had previously closed at $3,826.46.

The company reported $35.36 earnings per share for the quarter, missing analysts’ consensus estimates of $37.07 by ($1.71). The company had revenue of $4.46 billion during the quarter, compared to analysts’ expectations of $4.41 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $36.69 earnings per share.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. DA Davidson set a $4,192.00 target price on shares of AutoZone in a research report on Friday. Wedbush reiterated an “outperform” rating and set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, March 5th. UBS Group reiterated a “buy” rating on shares of AutoZone in a research note on Friday. Wells Fargo & Company set a $4,200.00 price objective on shares of AutoZone and gave the company an “overweight” rating in a research note on Monday, May 19th. Finally, Oppenheimer upgraded shares of AutoZone from a “market perform” rating to an “outperform” rating and set a $4,600.00 target price for the company in a research note on Friday, May 2nd. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $3,966.76.

Insiders Place Their Bets

In related news, VP Dennis W. Leriche sold 1,575 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $3,600.00, for a total transaction of $5,670,000.00. Following the sale, the vice president now owns 417 shares of the company’s stock, valued at approximately $1,501,200. This represents a 79.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bailey L. Childress sold 160 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3,550.00, for a total transaction of $568,000.00. Following the transaction, the senior vice president now directly owns 50 shares in the company, valued at approximately $177,500. This represents a 76.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,521 shares of company stock valued at $42,177,331 over the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaCore Capital LLC bought a new stake in AutoZone in the first quarter worth $27,000. Saudi Central Bank purchased a new position in shares of AutoZone in the 1st quarter worth approximately $27,000. Headlands Technologies LLC purchased a new position in shares of AutoZone in the 4th quarter worth approximately $29,000. Flagship Wealth Advisors LLC purchased a new position in shares of AutoZone in the 4th quarter worth approximately $32,000. Finally, Harbour Investments Inc. boosted its holdings in shares of AutoZone by 42.9% in the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock worth $32,000 after purchasing an additional 3 shares during the period. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Down 3.7%

The stock has a market capitalization of $61.86 billion, a PE ratio of 24.63, a price-to-earnings-growth ratio of 1.86 and a beta of 0.44. The stock’s 50 day moving average price is $3,694.38 and its 200-day moving average price is $3,457.18.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.