Ascent Group LLC Reduces Holdings in AutoZone, Inc. $AZO

Key Points

• Ascent Group LLC reduced its holdings in AutoZone, Inc. by 18.7%, owning 401 shares worth approximately $1.49 million after selling 92 shares in the second quarter.
• Analysts have increased price targets for AutoZone, with JPMorgan raising their target from $4,200 to $4,850 and Morgan Stanley from $4,000 to $4,700, indicating strong confidence in the company.
• AutoZone's recent quarterly earnings reported a miss with $48.71 EPS, below the consensus estimate of $50.52 EPS, while revenues increased slightly year-over-year.

Ascent Group LLC reduced its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 18.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 401 shares of the company's stock after selling 92 shares during the period. Ascent Group LLC's holdings in AutoZone were worth $1,489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AZO. Ameritas Advisory Services LLC purchased a new position in AutoZone in the second quarter valued at about $41,000. Asset Advisors Investment Management LLC raised its position in shares of AutoZone by 7.5% in the 2nd quarter. Asset Advisors Investment Management LLC now owns 2,225 shares of the company's stock valued at $8,260,000 after purchasing an additional 156 shares in the last quarter. Mattern Capital Management LLC boosted its stake in shares of AutoZone by 14.0% during the 2nd quarter. Mattern Capital Management LLC now owns 203 shares of the company's stock valued at $754,000 after buying an additional 25 shares during the last quarter. Hilltop National Bank acquired a new stake in shares of AutoZone during the second quarter worth approximately $401,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of AutoZone by 16.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,260 shares of the company's stock worth $12,102,000 after buying an additional 452 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AZO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Morgan Stanley increased their price target on shares of AutoZone from $4,000.00 to $4,700.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 24th. Wolfe Research began coverage on AutoZone in a research note on Thursday, September 18th. They issued an "outperform" rating and a $4,741.00 price target for the company. Mizuho upped their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Finally, Evercore ISI lifted their target price on AutoZone from $4,250.00 to $4,500.00 and gave the stock an "outperform" rating in a research report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, AutoZone has an average rating of "Moderate Buy" and a consensus target price of $4,538.21.

Insider Buying and Selling at AutoZone

In other news, VP John Scott Murphy sold 2,860 shares of the firm's stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the completion of the transaction, the vice president owned 1,244 shares in the company, valued at approximately $5,194,570.80. This trade represents a 69.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

AutoZone Price Performance

Shares of AZO stock opened at $4,219.73 on Monday. AutoZone, Inc. has a 12-month low of $2,980.10 and a 12-month high of $4,388.11. The firm has a market capitalization of $70.81 billion, a price-to-earnings ratio of 29.13, a price-to-earnings-growth ratio of 1.98 and a beta of 0.40. The business has a 50 day simple moving average of $4,126.05 and a 200 day simple moving average of $3,844.45.

AutoZone (NYSE:AZO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The business had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the firm posted $51.58 EPS. The company's revenue was up .6% compared to the same quarter last year. On average, equities analysts anticipate that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone Profile

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.

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