United Services Automobile Association lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 11.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,694 shares of the company’s stock after selling 2,314 shares during the quarter. United Services Automobile Association owned about 0.07% of AutoZone worth $13,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in AZO. Standard Life Aberdeen plc lifted its stake in shares of AutoZone by 310.8% in the third quarter. Standard Life Aberdeen plc now owns 53,927 shares of the company’s stock worth $41,830,000 after buying an additional 40,799 shares in the last quarter. AMP Capital Investors Ltd lifted its stake in shares of AutoZone by 25.0% in the third quarter. AMP Capital Investors Ltd now owns 22,253 shares of the company’s stock worth $17,354,000 after buying an additional 4,450 shares in the last quarter. Banco Santander S.A. bought a new position in shares of AutoZone in the third quarter worth approximately $6,179,000. Dimensional Fund Advisors LP lifted its holdings in shares of AutoZone by 6.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 64,554 shares of the company’s stock worth $50,077,000 after acquiring an additional 3,676 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of AutoZone by 41.3% in the 3rd quarter. Quantbot Technologies LP now owns 677 shares of the company’s stock worth $525,000 after acquiring an additional 198 shares during the last quarter. Institutional investors own 92.10% of the company’s stock.
NYSE AZO opened at $870.16 on Friday. The stock has a market cap of $22.20 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.22 and a beta of 0.89. AutoZone, Inc. has a one year low of $590.76 and a one year high of $894.37.
AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 4th. The company reported $13.47 EPS for the quarter, beating analysts’ consensus estimates of $12.21 by $1.26. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.64 billion. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $10.00 EPS. As a group, equities research analysts expect that AutoZone, Inc. will post 59.05 earnings per share for the current fiscal year.
AutoZone declared that its board has approved a share repurchase plan on Wednesday, September 26th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
Several research firms have recently issued reports on AZO. Zacks Investment Research upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $860.00 target price for the company in a report on Tuesday, August 28th. Barclays reaffirmed a “buy” rating and issued a $950.00 price target on shares of AutoZone in a research note on Wednesday. Royal Bank of Canada reduced their price target on shares of AutoZone from $779.00 to $775.00 and set a “sector perform” rating on the stock in a research note on Wednesday, September 19th. JPMorgan Chase & Co. raised their price target on shares of AutoZone to $880.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group raised their price target on shares of AutoZone from $790.00 to $810.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 5th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $866.74.
In other AutoZone news, insider William R. Hackney sold 5,700 shares of the firm’s stock in a transaction dated Friday, December 7th. The shares were sold at an average price of $870.00, for a total transaction of $4,959,000.00. Following the transaction, the insider now owns 3,998 shares of the company’s stock, valued at approximately $3,478,260. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William T. Giles sold 13,500 shares of the firm’s stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $870.11, for a total transaction of $11,746,485.00. Following the transaction, the vice president now directly owns 13,119 shares in the company, valued at approximately $11,414,973.09. The disclosure for this sale can be found here. Insiders have sold a total of 79,687 shares of company stock worth $63,373,093 in the last three months. Insiders own 2.80% of the company’s stock.
AutoZone Inc retails and distributes automotive replacement parts and accessories. The company 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. Its 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, starters and alternators, thermostats, and water pumps.
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