AutoZone, Inc. $AZO Position Lifted by Summit Global Investments

Summit Global Investments grew its stake in shares of AutoZone, Inc. (NYSE:AZO) by 132.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319 shares of the company’s stock after acquiring an additional 182 shares during the period. Summit Global Investments’ holdings in AutoZone were worth $1,369,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of AZO. Foundations Investment Advisors LLC bought a new position in shares of AutoZone during the third quarter worth about $678,000. AE Wealth Management LLC raised its stake in AutoZone by 5.4% during the third quarter. AE Wealth Management LLC now owns 78 shares of the company’s stock valued at $336,000 after buying an additional 4 shares in the last quarter. Fidelis Capital Partners LLC lifted its holdings in AutoZone by 3.2% during the 3rd quarter. Fidelis Capital Partners LLC now owns 353 shares of the company’s stock worth $1,514,000 after buying an additional 11 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in shares of AutoZone by 0.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 974 shares of the company’s stock worth $4,142,000 after acquiring an additional 8 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of AutoZone by 4.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,399 shares of the company’s stock valued at $14,583,000 after acquiring an additional 139 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Oppenheimer reduced their price objective on AutoZone from $4,600.00 to $4,150.00 and set an “outperform” rating on the stock in a research note on Friday, January 9th. Wolfe Research downgraded shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, December 16th. DA Davidson decreased their price target on shares of AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Raymond James Financial dropped their price objective on shares of AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, December 10th. Finally, Rothschild & Co Redburn raised their target price on shares of AutoZone from $4,300.00 to $4,700.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4,285.00.

AutoZone Stock Down 0.0%

AutoZone stock opened at $3,703.04 on Friday. The firm has a 50-day moving average price of $3,576.54 and a two-hundred day moving average price of $3,848.37. The firm has a market capitalization of $61.35 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 1.76 and a beta of 0.42. AutoZone, Inc. has a 52-week low of $3,210.72 and a 52-week high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing the consensus estimate of $32.69 by ($1.65). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. AutoZone’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $32.52 EPS. Research analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its board has authorized a share repurchase program on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director George R. Mrkonic, Jr. sold 97 shares of AutoZone stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $3,341.99, for a total transaction of $324,173.03. Following the sale, the director directly owned 3,564 shares in the company, valued at $11,910,852.36. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. George bought 145 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The stock was bought at an average price of $3,398.13 per share, with a total value of $492,728.85. Following the transaction, the director directly owned 566 shares in the company, valued at $1,923,341.58. This represents a 34.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 347 shares of company stock worth $1,179,256 and have sold 9,447 shares worth $34,179,923. Insiders own 2.60% of the company’s stock.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.