Freemont Management S.A. Cuts Holdings in AutoZone, Inc. $AZO

Freemont Management S.A. decreased its stake in AutoZone, Inc. (NYSE:AZO) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,600 shares of the company’s stock after selling 200 shares during the period. Freemont Management S.A.’s holdings in AutoZone were worth $5,404,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Turning Point Benefit Group Inc. bought a new stake in shares of AutoZone during the 3rd quarter worth $25,000. Torren Management LLC bought a new stake in AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC lifted its stake in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares during the last quarter. MCF Advisors LLC boosted its holdings in shares of AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares in the last quarter. Finally, Bard Associates Inc. purchased a new position in shares of AutoZone in the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insiders Place Their Bets

In other news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the acquisition, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by insiders.

AutoZone Stock Down 0.5%

Shares of AZO stock opened at $3,046.69 on Friday. The stock has a market cap of $49.74 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 1.55 and a beta of 0.33. The business’s fifty day moving average is $3,142.61 and its 200 day moving average is $3,416.46. AutoZone, Inc. has a twelve month low of $2,928.11 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the prior year, the company earned $35.36 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts expect that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its board has authorized a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AZO. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Jefferies Financial Group cut their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Citigroup reduced their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Mizuho reduced their price target on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, Weiss Ratings raised shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4,040.87.

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.