Arrowstreet Capital Limited Partnership Acquires 29,887 Shares of AutoZone, Inc. $AZO

Key Points

• Arrowstreet Capital increased its AutoZone stake by 33.9% in Q4, buying 29,887 shares and bringing its total holding to 117,938 shares worth about $400 million.
• Several other institutional investors also adjusted positions in AZO, and overall institutional ownership remains high at 92.74%.
• AutoZone reported strong quarterly results, with EPS of $38.07 topping estimates and revenue up 8.4% year over year; analysts still rate the stock Moderate Buy with an average target price of $4,040.87.

Arrowstreet Capital Limited Partnership lifted its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 33.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,938 shares of the company's stock after purchasing an additional 29,887 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.71% of AutoZone worth $399,987,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AZO. Brighton Jones LLC lifted its position in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of AutoZone in the second quarter worth $356,000. Guggenheim Capital LLC lifted its position in shares of AutoZone by 3.8% in the second quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock worth $921,000 after purchasing an additional 9 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after purchasing an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in shares of AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock worth $43,667,000 after purchasing an additional 4,039 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on AZO. Jefferies Financial Group dropped their price target on shares of 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. Argus raised shares of AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 price target on the stock in a research report on Monday, March 9th. Barclays upped their price target on shares of AutoZone from $3,800.00 to $3,900.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 4th. Guggenheim dropped their price target on shares of 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. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $4,300.00 price target (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. One equities 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. According to MarketBeat, AutoZone has a consensus rating of "Moderate Buy" and an average target price of $4,040.87.

AutoZone Trading Up 0.9%

NYSE AZO opened at $3,110.16 on Friday. The firm's fifty day moving average price is $3,367.14 and its two-hundred day moving average price is $3,514.38. AutoZone, Inc. has a 1 year low of $2,928.11 and a 1 year high of $4,388.11. The firm has a market capitalization of $51.26 billion, a P/E ratio of 21.38, a price-to-earnings-growth ratio of 1.58 and a beta of 0.35.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $35.36 earnings per share. On average, research analysts anticipate that AutoZone, Inc. will post 150.45 EPS for the current fiscal year.

Insider Activity

In other news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company's stock, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Hannasch purchased 165 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is owned by corporate 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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