Arrowstreet Capital Limited Partnership Acquires 1,843 Shares of AutoZone, Inc. $AZO

Arrowstreet Capital Limited Partnership raised its stake in shares of AutoZone, Inc. (NYSE:AZO) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,781 shares of the company’s stock after buying an additional 1,843 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in AutoZone were worth $404,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AZO shares. Morgan Stanley decreased their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Truist Financial set a $3,700.00 price target on shares of AutoZone in a research note on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price objective on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Finally, Evercore restated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4,040.87.

AutoZone Stock Down 1.7%

NYSE AZO opened at $2,923.23 on Friday. The company has a fifty day moving average of $3,108.82 and a two-hundred day moving average of $3,405.28. The firm has a market capitalization of $47.74 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 1.51 and a beta of 0.33. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $35.36 EPS. Equities research analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its Board of Directors has initiated a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.