Allspring Global Investments Holdings LLC Buys 29,929 Shares of AutoZone, Inc. $AZO

Allspring Global Investments Holdings LLC lifted its position in shares of AutoZone, Inc. (NYSE:AZO) by 96.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,096 shares of the company’s stock after purchasing an additional 29,929 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AutoZone were worth $259,533,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AZO. Aspect Partners LLC boosted its stake in AutoZone by 700.0% during the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in shares of AutoZone in the second quarter valued at approximately $33,000. NewSquare Capital LLC boosted its position in shares of AutoZone by 50.0% during the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after buying an additional 3 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in AutoZone during the second quarter worth $33,000. Finally, Stone House Investment Management LLC purchased a new stake in AutoZone in the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wolfe Research cut shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, December 16th. TD Cowen decreased their price target on AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Cowen reissued a “buy” rating on shares of AutoZone in a research report on Thursday, September 18th. Robert W. Baird began coverage on AutoZone in a research note on Wednesday, December 3rd. They issued an “outperform” rating and a $4,500.00 price objective for the company. Finally, Roth Capital reiterated a “buy” rating and set a $4,650.00 target price (down from $4,750.00) on shares of AutoZone in a research note on Wednesday, December 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $4,317.27.

AutoZone Price Performance

NYSE:AZO opened at $3,399.35 on Wednesday. The company has a market capitalization of $56.33 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 1.62 and a beta of 0.40. The business has a 50 day moving average of $3,692.13 and a 200 day moving average of $3,872.98. AutoZone, Inc. has a 1-year low of $3,162.00 and a 1-year high of $4,388.11.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $32.52 earnings per share. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current year.

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

Insider Transactions at AutoZone

In other AutoZone news, Director Brian Hannasch bought 147 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were acquired at an average cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the purchase, the director owned 962 shares in the company, valued at approximately $3,264,152.58. This trade represents a 18.04% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jamere Jackson bought 55 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was bought at an average cost of $3,413.50 per share, with a total value of $187,742.50. Following the transaction, the chief financial officer owned 488 shares in the company, valued at $1,665,788. This trade represents a 12.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought 347 shares of company stock worth $1,179,256 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

About AutoZone

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.