Federated Hermes Inc. Has $36.32 Million Position in AutoZone, Inc. $AZO

Federated Hermes Inc. increased its position in shares of AutoZone, Inc. (NYSE:AZO) by 26.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,783 shares of the company’s stock after buying an additional 2,016 shares during the period. Federated Hermes Inc. owned 0.06% of AutoZone worth $36,317,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stenger Family Office LLC acquired a new position in AutoZone in the second quarter worth about $2,306,000. Avestar Capital LLC raised its position in shares of AutoZone by 14.1% during the second quarter. Avestar Capital LLC now owns 469 shares of the company’s stock worth $1,741,000 after acquiring an additional 58 shares during the last quarter. StoneX Group Inc. acquired a new position in AutoZone during the 2nd quarter valued at about $371,000. Qtron Investments LLC lifted its holdings in AutoZone by 40.0% in the second quarter. Qtron Investments LLC now owns 189 shares of the company’s stock valued at $702,000 after buying an additional 54 shares during the period. Finally, Cresset Asset Management LLC boosted its position in shares of AutoZone by 10.0% in the 2nd quarter. Cresset Asset Management LLC now owns 309 shares of the company’s stock worth $1,147,000 after purchasing an additional 28 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,776.27 on Tuesday. The company has a 50 day simple moving average of $3,902.16 and a 200 day simple moving average of $3,904.80. AutoZone, Inc. has a 1 year low of $3,162.00 and a 1 year high of $4,388.11. The firm has a market cap of $62.80 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 1.83 and a beta of 0.40.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $51.58 earnings per share. As a group, research analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone declared that its board has initiated a stock repurchase program on Wednesday, October 8th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, VP John Scott Murphy sold 2,860 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the completion of the transaction, the vice president directly owned 1,244 shares in the company, valued at $5,194,570.80. This trade represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of AutoZone stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the transaction, the chief executive officer directly owned 55 shares in the company, valued at approximately $221,148.40. This represents a 97.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,693 shares of company stock valued at $23,259,891 in the last three months. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AZO. BNP Paribas Exane lifted their price objective on AutoZone from $4,155.00 to $4,811.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Citigroup cut their price target on shares of AutoZone from $4,900.00 to $4,775.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. UBS Group decreased their target price on shares of AutoZone from $4,925.00 to $4,800.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Robert W. Baird initiated coverage on shares of AutoZone in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $4,500.00 target price for the company. Finally, DA Davidson set a $4,850.00 price target on AutoZone in a research report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus target price of $4,545.73.

AutoZone Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.