United Services Automobile Association cut its stake in AutoZone, Inc. (NYSE:AZO) by 11.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,694 shares of the company’s stock after selling 2,314 shares during the period. United Services Automobile Association’s holdings in AutoZone were worth $13,725,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in AZO. Massey Quick Simon & CO. LLC lifted its stake in AutoZone by 222.4% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after acquiring an additional 129 shares during the period. ELM Advisors LLC acquired a new stake in AutoZone during the 3rd quarter valued at approximately $163,000. Bronfman E.L. Rothschild L.P. lifted its stake in AutoZone by 197.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after acquiring an additional 156 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in AutoZone during the 2nd quarter valued at approximately $173,000. Finally, IFP Advisors Inc lifted its stake in AutoZone by 213.2% during the 3rd quarter. IFP Advisors Inc now owns 285 shares of the company’s stock valued at $221,000 after acquiring an additional 194 shares during the period. Institutional investors own 92.10% of the company’s stock.
Several brokerages have commented on AZO. Barclays restated a “buy” rating and set a $950.00 price objective on shares of AutoZone in a research note on Wednesday. Argus lifted their price objective on shares of AutoZone from $818.00 to $940.00 and gave the company a “buy” rating in a research note on Thursday. Stephens restated an “overweight” rating and set a $975.00 price objective on shares of AutoZone in a research note on Wednesday. Citigroup lifted their price objective on shares of AutoZone from $850.00 to $985.00 and gave the company a “buy” rating in a research note on Monday, December 3rd. Finally, Credit Suisse Group set a $854.00 price objective on shares of AutoZone and gave the company a “hold” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $866.74.
AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 4th. The company reported $13.47 earnings per share for the quarter, beating the consensus estimate of $12.21 by $1.26. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.64 billion. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $10.00 EPS. As a group, sell-side analysts anticipate that AutoZone, Inc. will post 59.05 earnings per share for the current year.
AutoZone announced that its Board of Directors has approved a stock repurchase program on Wednesday, September 26th that authorizes the company to repurchase $1.25 billion in shares. This repurchase authorization authorizes the company to buy up to 6.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In other news, VP William T. Giles sold 13,500 shares of AutoZone stock in a transaction that occurred on Thursday, December 6th. The shares were sold at an average price of $870.11, for a total transaction of $11,746,485.00. Following the completion of the transaction, the vice president now directly owns 13,119 shares of the company’s stock, valued at approximately $11,414,973.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William Andrew Mckenna sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the sale, the director now directly owns 8,268 shares of the company’s stock, valued at approximately $6,177,436.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,687 shares of company stock valued at $63,373,093. Insiders own 2.80% of the company’s stock.
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AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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