2,920 Shares in AutoZone, Inc. $AZO Purchased by Firetrail Investments PTY Ltd.

Key Points

• Firetrail Investments PTY Ltd. purchased 2,920 AutoZone shares worth approximately $9.3 million, making the stock 2.6% of its portfolio; institutional investors collectively own 92.74% of AZO.
• AutoZone reported quarterly EPS of $38.07, beating estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion. The board also authorized a $1.5 billion share-repurchase program.
• AZO traded near $3,026.92, well below its 52-week high, while analysts maintained a “Moderate Buy” consensus with an average price target of $4,029.43 despite recent target reductions.

Firetrail Investments PTY Ltd. bought a new stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,920 shares of the company's stock, valued at approximately $9,276,000. AutoZone accounts for approximately 2.6% of Firetrail Investments PTY Ltd.'s investment portfolio, making the stock its 18th biggest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. bought a new position in shares of AutoZone during the 4th quarter worth about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in shares of AutoZone by 15.2% in 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 valued at $48,241,000 after buying an additional 1,882 shares during the period. CIBC Asset Management Inc lifted its stake in shares of AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock valued at $13,366,000 after buying an additional 1,582 shares during the period. Norges Bank acquired a new stake in AutoZone during the fourth quarter worth about $939,205,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in AutoZone by 387.1% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Trading Up 0.1%

AZO stock opened at $3,026.92 on Monday. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The business's 50 day moving average is $3,063.49 and its 200-day moving average is $3,354.72. The firm has a market cap of $49.43 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.54 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $35.36 EPS. Sell-side analysts forecast that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have commented on AZO shares. Barclays cut their price target on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating for the company in a report on Tuesday, August 4th. Robert W. Baird decreased their price objective on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Guggenheim lowered their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings lowered AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 23rd. Finally, Morgan Stanley reduced their target price on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,029.43.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president directly owned 441 shares of the company's stock, valued at $1,367,100. This represents a 76.74% 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.

AutoZone 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.

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