Ally Financial Inc. Purchases New Shares in AutoZone, Inc. $AZO

Ally Financial Inc. bought a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 750 shares of the company's stock, valued at approximately $2,397,000.

Several other institutional investors have also recently made changes to their positions in AZO. Benchmark Investment Advisors LLC bought a new position in AutoZone in the 2nd quarter worth about $713,000. Jupiter Asset Management Ltd. bought a new stake in shares of AutoZone during the fourth quarter valued at approximately $1,808,000. 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% 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 purchasing an additional 1,882 shares during the period. CIBC Asset Management Inc grew its stake in AutoZone by 67.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,941 shares of the company's stock worth $13,366,000 after purchasing an additional 1,582 shares in the last quarter. Finally, Norges Bank purchased a new position in AutoZone during the 4th quarter worth $939,205,000. Institutional investors own 92.74% of the company's stock.

Analyst Upgrades and Downgrades

AZO has been the topic of a number of recent research reports. DA Davidson dropped their price target on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 target price on shares of AutoZone in a report on Wednesday, May 27th. Barclays cut their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 4th. Citigroup lowered their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group 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 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,029.43.

Insider Transactions at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president directly owned 441 shares of the company's stock, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Hannasch bought 165 shares of the company's stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director owned 1,219 shares of the company's stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.60% of the company's stock.

AutoZone Trading Up 0.1%

Shares of AZO opened at $2,960.64 on Monday. The firm has a market cap of $48.35 billion, a PE ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11. The stock has a fifty day moving average price of $3,054.94 and a 200-day moving average price of $3,329.19.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly 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. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. During the same period last year, the business posted $35.36 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. As a group, research analysts forecast that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is 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.

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