Erste Asset Management GmbH Cuts Stake in AutoZone, Inc. $AZO

Erste Asset Management GmbH reduced its stake in AutoZone, Inc. (NYSE:AZO) by 32.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 6,524 shares of the company’s stock after selling 3,123 shares during the quarter. Erste Asset Management GmbH’s holdings in AutoZone were worth $22,172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AZO. Norges Bank purchased a new position in shares of AutoZone in the 4th quarter worth about $939,205,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after buying an additional 50,071 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after buying an additional 45,212 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of AutoZone by 401.2% in the 3rd quarter. Victory Capital Management Inc. now owns 51,803 shares of the company’s stock worth $222,247,000 after buying an additional 41,467 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the sale, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on AZO shares. JPMorgan Chase & Co. cut their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Argus raised shares of AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 price objective on the stock in a report on Monday, March 9th. Guggenheim dropped 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. Mizuho dropped their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, Barclays upped their price objective on shares of AutoZone from $3,800.00 to $3,900.00 and gave the company an “overweight” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

AutoZone Stock Down 0.0%

NYSE AZO opened at $3,116.41 on Monday. The company has a market cap of $51.36 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 1.58 and a beta of 0.35. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The firm’s 50-day simple moving average is $3,393.83 and its two-hundred day simple moving average is $3,538.05.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the business posted $35.36 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts anticipate that AutoZone, Inc. will post 150.18 EPS for the current year.

AutoZone Company 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.