AutoZone Inc. (AZO) Sees Unusually-High Trading Volume Following Earnings Beat
AutoZone Inc. (NYSE:AZO) shares saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 516,812 shares were traded during trading, an increase of 32% from the previous session’s volume of 390,194 shares.The stock last traded at $754.13 and had previously closed at $751.45.
The company reported $14.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $14.27 by $0.03. The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.43 billion. AutoZone had a net margin of 11.55% and a negative return on equity of 68.63%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $12.75 earnings per share.
AZO has been the topic of several recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $820.00 price objective on shares of AutoZone in a report on Thursday, May 26th. Jefferies Group initiated coverage on shares of AutoZone in a report on Thursday, May 26th. They set a “hold” rating on the stock. Credit Suisse Group AG reaffirmed a “buy” rating on shares of AutoZone in a report on Thursday, May 26th. BTIG Research initiated coverage on shares of AutoZone in a report on Wednesday, June 1st. They set a “buy” rating and a $900.00 price objective on the stock. Finally, Argus reaffirmed a “buy” rating and set a $875.00 price objective on shares of AutoZone in a report on Sunday, July 10th. Eleven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. AutoZone presently has an average rating of “Buy” and an average price target of $843.39.
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In related news, insider Thomas B. Newbern sold 16,870 shares of AutoZone stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $799.82, for a total value of $13,492,963.40. Following the completion of the transaction, the insider now owns 15,977 shares in the company, valued at $12,778,724.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $800.25, for a total transaction of $2,400,750.00. Following the completion of the transaction, the director now owns 7,597 shares of the company’s stock, valued at approximately $6,079,499.25. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in AZO. Suntrust Banks Inc. boosted its position in shares of AutoZone by 0.4% in the second quarter. Suntrust Banks Inc. now owns 1,418 shares of the company’s stock worth $1,124,000 after buying an additional 5 shares during the period. Lakeview Capital Partners LLC boosted its position in shares of AutoZone by 1.0% in the second quarter. Lakeview Capital Partners LLC now owns 483 shares of the company’s stock worth $383,000 after buying an additional 5 shares during the period. Cleararc Capital Inc. boosted its position in shares of AutoZone by 0.8% in the second quarter. Cleararc Capital Inc. now owns 743 shares of the company’s stock worth $590,000 after buying an additional 6 shares during the period. Advisor Partners LLC boosted its position in shares of AutoZone by 1.0% in the second quarter. Advisor Partners LLC now owns 723 shares of the company’s stock worth $574,000 after buying an additional 7 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of AutoZone by 1.5% in the second quarter. Janney Montgomery Scott LLC now owns 600 shares of the company’s stock worth $445,000 after buying an additional 9 shares during the period. Hedge funds and other institutional investors own 95.55% of the company’s stock.
The firm has a market capitalization of $22.07 billion, a PE ratio of 19.18 and a beta of 0.42. The firm’s 50-day moving average price is $766.72 and its 200 day moving average price is $777.09.
AutoZone Company Profile
AutoZone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company’s operating segments include Auto Parts Locations and Other. The Auto Parts Locations segment comprises Domestic Auto Parts, Mexico, Brazil and Interamerican Motor Corporation (IMC).
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