Brokerages expect AutoZone, Inc. (NYSE:AZO) to post $2.63 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for AutoZone’s earnings, with estimates ranging from $2.58 billion to $2.67 billion. AutoZone posted sales of $2.59 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 1.5%. The firm is expected to announce its next quarterly earnings results on Tuesday, December 4th.
On average, analysts expect that AutoZone will report full-year sales of $11.77 billion for the current year, with estimates ranging from $11.67 billion to $11.90 billion. For the next fiscal year, analysts forecast that the firm will report sales of $11.98 billion, with estimates ranging from $11.81 billion to $12.12 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow AutoZone.
AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 18th. The company reported $18.54 EPS for the quarter, topping the Zacks’ consensus estimate of $17.92 by $0.62. The company 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 business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the business posted $15.27 EPS.
A number of research firms have recently commented on AZO. Morgan Stanley lifted their target price on AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Wedbush reiterated an “outperform” rating and set a $770.00 target price on shares of AutoZone in a research note on Friday, July 20th. Stephens upgraded AutoZone from an “equal weight” rating to an “overweight” rating and set a $875.00 target price on the stock in a research note on Wednesday, August 15th. They noted that the move was a valuation call. MED upgraded AutoZone from a “hold” rating to a “buy” rating and lifted their target price for the stock from $675.00 to $805.00 in a research note on Wednesday, August 1st. They noted that the move was a valuation call. Finally, Argus lowered their target price on AutoZone to $820.00 and set a “buy” rating on the stock in a research note on Thursday, August 30th. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $790.65.
NYSE AZO opened at $793.87 on Friday. The firm has a market cap of $19.96 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. AutoZone has a one year low of $588.56 and a one year high of $802.22.
AutoZone announced that its Board of Directors has initiated a share buyback plan on Wednesday, September 26th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
In other AutoZone news, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the transaction, the director now owns 8,268 shares of the company’s stock, valued at approximately $6,177,436.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rodney C. Halsell sold 5,387 shares of AutoZone stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $751.21, for a total value of $4,046,768.27. The disclosure for this sale can be found here. Insiders sold a total of 60,487 shares of company stock worth $46,667,608 over the last 90 days. 2.80% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Massey Quick Simon & CO. LLC grew its holdings in AutoZone by 222.4% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after buying an additional 129 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its holdings in AutoZone by 197.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after buying an additional 156 shares in the last quarter. First Interstate Bank grew its holdings in AutoZone by 332.7% during the 2nd quarter. First Interstate Bank now owns 238 shares of the company’s stock valued at $160,000 after buying an additional 183 shares in the last quarter. ELM Advisors LLC purchased a new position in AutoZone during the 3rd quarter valued at about $163,000. Finally, Flagship Harbor Advisors LLC purchased a new position in AutoZone during the 2nd quarter valued at about $173,000. 94.56% of the stock is owned by institutional investors and hedge funds.
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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