Acadian Asset Management LLC Lowers Stock Holdings in AutoZone, Inc. $AZO

Key Points

• Acadian Asset Management LLC has reduced its stake in AutoZone, Inc. by 11.5%, bringing its total holdings to 485 shares worth approximately $1,848,000 at the end of the first quarter.
• Multiple institutional investors, including Forum Financial Management and Focus Financial Network, increased their stakes in AutoZone, collectively boosting institutional ownership to 92.74% of the company.
• Analyst ratings for AutoZone have improved significantly, with recent price target upgrades from firms like JPMorgan Chase and Citigroup, reflecting a consensus rating of "Buy" and a target price of around $4,315.10.

Acadian Asset Management LLC lessened its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 11.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 485 shares of the company's stock after selling 63 shares during the quarter. Acadian Asset Management LLC's holdings in AutoZone were worth $1,848,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of AutoZone by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 1,759,862 shares of the company's stock worth $6,709,967,000 after buying an additional 13,643 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of AutoZone by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 936,401 shares of the company's stock worth $3,570,296,000 after buying an additional 65,368 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of AutoZone by 435,031.1% during the 1st quarter. GAMMA Investing LLC now owns 770,182 shares of the company's stock worth $2,936,535,000 after buying an additional 770,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of AutoZone by 7.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company's stock worth $1,331,870,000 after buying an additional 24,701 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of AutoZone by 4.3% during the 1st quarter. Alliancebernstein L.P. now owns 158,487 shares of the company's stock worth $604,276,000 after buying an additional 6,549 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insiders Place Their Bets

In related news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

AutoZone Price Performance

Shares of NYSE:AZO traded down $0.11 during mid-day trading on Friday, hitting $4,132.72. The company had a trading volume of 184,590 shares, compared to its average volume of 108,356. The firm has a fifty day moving average price of $4,034.29 and a 200 day moving average price of $3,798.61. The company has a market capitalization of $69.35 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 2.18 and a beta of 0.41. AutoZone, Inc. has a one year low of $2,898.57 and a one year high of $4,388.11.

Analyst Ratings Changes

AZO has been the subject of a number of research reports. The Goldman Sachs Group set a $3,811.00 target price on shares of AutoZone in a research note on Friday, May 23rd. BMO Capital Markets reaffirmed an "outperform" rating and set a $4,100.00 price target (up from $3,850.00) on shares of AutoZone in a research report on Wednesday, May 28th. Wolfe Research began coverage on shares of AutoZone in a research report on Thursday. They set an "outperform" rating and a $4,741.00 price target on the stock. UBS Group raised their price target on shares of AutoZone from $4,260.00 to $4,925.00 and gave the stock a "buy" rating in a research report on Thursday, September 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of AutoZone from $4,200.00 to $4,850.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $4,399.18.

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.