AutoZone, Inc. $AZO Stock Position Increased by Summit Global Investments

Summit Global Investments increased its position in AutoZone, Inc. (NYSE:AZO) by 132.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 319 shares of the company’s stock after buying an additional 182 shares during the quarter. Summit Global Investments’ holdings in AutoZone were worth $1,369,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Global Trust Asset Management LLC lifted its holdings in AutoZone by 600.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after acquiring an additional 6 shares during the last quarter. Aspect Partners LLC raised its holdings in shares of AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of AutoZone in the 3rd quarter worth approximately $34,000. Bank of Jackson Hole Trust acquired a new stake in AutoZone during the second quarter valued at approximately $33,000. Finally, NewSquare Capital LLC boosted its holdings in AutoZone by 50.0% during the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock worth $33,000 after buying an additional 3 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Price Performance

NYSE:AZO opened at $3,703.04 on Friday. The stock has a market cap of $61.35 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 1.76 and a beta of 0.42. AutoZone, Inc. has a fifty-two week low of $3,210.72 and a fifty-two week high of $4,388.11. The stock’s 50-day moving average is $3,576.54 and its two-hundred day moving average is $3,848.37.

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

AutoZone announced that its board has initiated a share buyback plan on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on AZO. Barclays set a $3,880.00 price objective on AutoZone in a research report on Thursday, January 8th. Rothschild & Co Redburn upped their target price on AutoZone from $4,300.00 to $4,700.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Robert W. Baird upgraded AutoZone to a “strong-buy” rating in a research report on Thursday, December 4th. BMO Capital Markets cut their price objective on AutoZone from $4,600.00 to $4,400.00 and set an “outperform” rating on the stock in a report on Wednesday, December 10th. Finally, Wells Fargo & Company decreased their target price on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a report on Wednesday, December 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $4,285.00.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch bought 147 shares of the stock in a transaction on Thursday, December 18th. The shares were purchased at an average price of $3,393.09 per share, for a total transaction of $498,784.23. Following the completion of the purchase, the director directly owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George R. Mrkonic, Jr. sold 97 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $3,341.99, for a total value of $324,173.03. Following the sale, the director directly owned 3,564 shares of the company’s stock, valued at $11,910,852.36. This trade represents a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders bought 347 shares of company stock worth $1,179,256 and sold 9,447 shares worth $34,179,923. Insiders own 2.60% of the company’s stock.

AutoZone Profile

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.