Azzad Asset Management Inc. ADV Has $3.20 Million Position in AutoZone, Inc. $AZO

Azzad Asset Management Inc. ADV boosted its holdings in AutoZone, Inc. (NYSE:AZO) by 30.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 947 shares of the company’s stock after buying an additional 219 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in AutoZone were worth $3,199,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Turning Point Benefit Group Inc. acquired a new position in shares of AutoZone during the third quarter worth $25,000. Torren Management LLC acquired a new stake in AutoZone in the fourth quarter valued at $27,000. Transamerica Financial Advisors LLC increased its holdings in AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after purchasing an additional 4 shares during the period. MCF Advisors LLC raised its position in AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new position in AutoZone during the 4th quarter worth $31,000. 92.74% of the stock is currently owned by institutional investors and hedge funds.

AutoZone Price Performance

Shares of NYSE:AZO opened at $3,006.21 on Friday. The company has a market capitalization of $49.09 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 1.56 and a beta of 0.33. The business has a fifty day moving average price of $3,205.01 and a two-hundred day moving average price of $3,433.41. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $35.36 EPS. Sell-side analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone announced that its board has initiated a share repurchase plan on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at AutoZone

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lowered their target price on shares of 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. The Goldman Sachs Group lowered their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. BMO Capital Markets dropped their price objective on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Guggenheim cut their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 target price on shares of AutoZone in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to 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.