CIBC Asset Management Inc reduced its position in AutoZone, Inc. (NYSE:AZO) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 3,358 shares of the company’s stock after selling 174 shares during the period. CIBC Asset Management Inc’s holdings in AutoZone were worth $2,605,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of AZO. Massey Quick Simon & CO. LLC lifted its holdings in shares of AutoZone by 222.4% in the 3rd quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after purchasing an additional 129 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of AutoZone by 197.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after purchasing an additional 156 shares during the last quarter. First Interstate Bank lifted its holdings in shares of AutoZone by 332.7% in the 2nd quarter. First Interstate Bank now owns 238 shares of the company’s stock valued at $160,000 after purchasing an additional 183 shares during the last quarter. ELM Advisors LLC purchased a new stake in shares of AutoZone in the 3rd quarter valued at about $163,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of AutoZone in the 2nd quarter valued at about $173,000. 94.56% of the stock is owned by institutional investors and hedge funds.
Shares of AZO stock opened at $793.87 on Friday. The stock has a market capitalization of $20.20 billion, a P/E ratio of 15.11, a P/E/G ratio of 1.10 and a beta of 0.89. AutoZone, Inc. has a 52-week low of $588.56 and a 52-week high of $802.22.
AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 18th. The company reported $18.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $17.92 by $0.62. The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.60 billion. AutoZone had a negative return on equity of 99.70% and a net margin of 11.92%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $15.27 EPS. Equities analysts expect that AutoZone, Inc. will post 58.43 earnings per share for the current fiscal year.
AutoZone declared that its board has initiated a stock buyback program on Wednesday, September 26th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
In related news, VP Charles Pleas III sold 9,500 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $759.85, for a total value of $7,218,575.00. Following the transaction, the vice president now owns 13,862 shares in the company, valued at approximately $10,533,040.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman William C. Rhodes III sold 23,700 shares of the business’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $780.06, for a total value of $18,487,422.00. Following the completion of the transaction, the chairman now owns 37,918 shares in the company, valued at approximately $29,578,315.08. The disclosure for this sale can be found here. Insiders sold a total of 60,487 shares of company stock worth $46,667,608 in the last 90 days. 2.80% of the stock is currently owned by insiders.
AZO has been the subject of several research reports. MED raised AutoZone from a “hold” rating to a “buy” rating and boosted their target price for the company from $675.00 to $805.00 in a report on Wednesday, August 1st. They noted that the move was a valuation call. Bank of America downgraded AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 target price for the company. in a report on Monday, September 17th. Citigroup boosted their target price on AutoZone from $765.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 19th. Royal Bank of Canada reduced their target price on AutoZone from $779.00 to $775.00 and set a “sector perform” rating for the company in a report on Wednesday, September 19th. Finally, Wells Fargo & Co boosted their target price on AutoZone from $800.00 to $850.00 and gave the company a “positive” rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $790.65.
AutoZone, Inc retails and distributes automotive replacement parts and accessories. It 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. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.
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