AutoZone, Inc. $AZO Shares Sold by Equitable Trust Co.

Key Points

• Equitable Trust Co. reduced its stake in AutoZone by 47.4%, owning 289 shares after selling 260 shares during the second quarter, valuing its holdings at approximately $1,073,000.
• AutoZone reported lower-than-expected earnings with $48.71 EPS, missing forecasts by $1.81, and revenue of $6.24 billion, slightly below estimates.
• Several research firms have raised their price targets for AutoZone, with Jefferies Financial Group increasing its objective from $4,255 to $4,750 and maintaining a "buy" rating.

Equitable Trust Co. lowered its stake in AutoZone, Inc. (NYSE:AZO - Free Report) by 47.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289 shares of the company's stock after selling 260 shares during the period. Equitable Trust Co.'s holdings in AutoZone were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. raised its position in AutoZone by 3.5% in the 1st quarter. Blue Trust Inc. now owns 89 shares of the company's stock valued at $339,000 after purchasing an additional 3 shares in the last quarter. Kirr Marbach & Co. LLC IN raised its position in AutoZone by 0.9% in the 1st quarter. Kirr Marbach & Co. LLC IN now owns 7,761 shares of the company's stock valued at $29,591,000 after purchasing an additional 68 shares in the last quarter. Banco Santander S.A. raised its position in AutoZone by 98.3% in the 1st quarter. Banco Santander S.A. now owns 829 shares of the company's stock valued at $3,161,000 after purchasing an additional 411 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in AutoZone in the 1st quarter valued at about $545,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of AutoZone by 19.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,607 shares of the company's stock valued at $6,127,000 after acquiring an additional 260 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Insider Buying and Selling

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the 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 sale, the vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the sale, the vice president directly owned 1,244 shares of the company's stock, valued at $5,194,570.80. The trade was a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

AutoZone Stock Down 1.0%

Shares of NYSE AZO opened at $4,058.32 on Wednesday. The stock has a market cap of $68.10 billion, a PE ratio of 28.01, a price-to-earnings-growth ratio of 1.93 and a beta of 0.40. AutoZone, Inc. has a 52-week low of $2,980.10 and a 52-week high of $4,388.11. The business has a 50-day moving average price of $4,153.18 and a 200 day moving average price of $3,861.13.

AutoZone (NYSE:AZO - Get Free Report) last announced its 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). The firm had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the company earned $51.58 earnings per share. Sell-side analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its board has authorized a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AZO. Jefferies Financial Group increased their price objective on AutoZone from $4,255.00 to $4,750.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Evercore ISI increased their price objective on AutoZone from $4,250.00 to $4,500.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. Raymond James Financial dropped their price objective on AutoZone from $4,900.00 to $4,800.00 and set a "strong-buy" rating on the stock in a report on Wednesday, September 24th. JPMorgan Chase & Co. increased their price objective on AutoZone from $4,200.00 to $4,850.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Finally, The Goldman Sachs Group increased their price objective on AutoZone from $3,894.00 to $4,090.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus price target of $4,544.68.

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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