Mangrove Partners IM LLC Invests $892,000 in AutoZone, Inc. $AZO

Mangrove Partners IM LLC bought a new position in shares of AutoZone, Inc. (NYSE:AZO) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 263 shares of the company’s stock, valued at approximately $892,000.

Other institutional investors also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in shares of AutoZone by 6.6% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,966 shares of the company’s stock worth $21,315,000 after purchasing an additional 306 shares during the period. Numerai GP LLC boosted its holdings in shares of AutoZone by 1,199.3% during the third quarter. Numerai GP LLC now owns 1,754 shares of the company’s stock worth $7,525,000 after purchasing an additional 1,619 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of AutoZone during the fourth quarter worth about $1,808,000. ANTIPODES PARTNERS Ltd boosted its holdings in shares of AutoZone by 185.7% during the third quarter. ANTIPODES PARTNERS Ltd now owns 640 shares of the company’s stock worth $2,746,000 after purchasing an additional 416 shares during the period. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its holdings in shares of AutoZone by 15.2% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock worth $48,241,000 after purchasing an additional 1,882 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AutoZone

In other AutoZone news, Director Brian Hannasch bought 165 shares of the stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, 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. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Earl G. Graves, Jr. sold 50 shares of AutoZone stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the transaction, the director owned 4,837 shares of the company’s stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AZO has been the subject of a number of analyst reports. BMO Capital Markets dropped their target price on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Morgan Stanley lowered their price objective on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Weiss Ratings upgraded AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. Finally, Guggenheim lowered 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. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AutoZone has an average rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Up 0.7%

AZO opened at $3,128.25 on Wednesday. The stock has a market cap of $51.08 billion, a PE ratio of 21.51, a PEG ratio of 1.58 and a beta of 0.35. The business has a 50 day moving average of $3,355.86 and a 200-day moving average of $3,500.15. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $35.36 EPS. Equities analysts anticipate that AutoZone, Inc. will post 150.45 EPS for the current year.

AutoZone declared that its board has initiated a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.