AutoZone (NYSE:AZO) Stock Price Down 2.8% Following Weak Earnings

AutoZone, Inc. (NYSE:AZO - Get Free Report)'s stock price traded down 2.8% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $3,750.00 and last traded at $3,720.91. 35,604 shares traded hands during trading, a decline of 72% from the average session volume of 128,464 shares. The stock had previously closed at $3,826.46.

The company reported $35.36 EPS for the quarter, missing the consensus estimate of $37.07 by ($1.71). The company had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.41 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the business earned $36.69 earnings per share.

Analysts Set New Price Targets

AZO has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. BMO Capital Markets reiterated an "outperform" rating and set a $4,100.00 price target (up previously from $3,850.00) on shares of AutoZone in a research note on Wednesday. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Guggenheim upped their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, The Goldman Sachs Group set a $3,811.00 price target on AutoZone in a research note on Friday, May 23rd. Two analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, AutoZone presently has a consensus rating of "Buy" and a consensus price target of $4,054.52.

Insider Buying and Selling at AutoZone

In related news, VP Domingo Hurtado sold 4,800 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $3,660.00, for a total value of $17,568,000.00. Following the transaction, the vice president now owns 159 shares in the company, valued at $581,940. The trade was a 96.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip B. Daniele sold 2,000 shares of the business's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the completion of the transaction, the chief executive officer now directly owns 163 shares in the company, valued at $619,401.63. This represents a 92.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,521 shares of company stock worth $42,177,331 over the last 90 days. Insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On AutoZone

Several institutional investors have recently added to or reduced their stakes in AZO. Strs Ohio bought a new stake in AutoZone in the first quarter valued at $14,389,000. Geneos Wealth Management Inc. boosted its position in shares of AutoZone by 160.7% during the first quarter. Geneos Wealth Management Inc. now owns 73 shares of the company's stock valued at $278,000 after buying an additional 45 shares during the last quarter. Anchor Investment Management LLC raised its position in AutoZone by 0.8% in the 1st quarter. Anchor Investment Management LLC now owns 1,147 shares of the company's stock valued at $4,373,000 after buying an additional 9 shares during the last quarter. SageView Advisory Group LLC raised its holdings in shares of AutoZone by 5.0% in the first quarter. SageView Advisory Group LLC now owns 105 shares of the company's stock valued at $400,000 after purchasing an additional 5 shares during the last quarter. Finally, SCS Capital Management LLC bought a new position in shares of AutoZone during the first quarter valued at about $248,000. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Trading Down 1.5%

The stock's 50-day simple moving average is $3,697.18 and its 200-day simple moving average is $3,459.17. The firm has a market capitalization of $61.90 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.86 and a beta of 0.44.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.