AutoZone, Inc. $AZO Shares Bought by Shellback Capital LP

Key Points

• Shellback Capital LP significantly increased its stake in AutoZone by 645.7% in the first quarter, now owning 7,457 shares valued at approximately $28.4 million, making AutoZone its 8th largest holding.
• Insider trading activity saw Chairman William C. Rhodes III sell 27,500 shares at an average price of $3,708.93, reducing his ownership by 76.29%.
• Wall Street analysts have issued optimistic ratings for AutoZone, with a majority providing a Buy rating and target prices ranging from $3,830 to $4,900.

Shellback Capital LP lifted its holdings in AutoZone, Inc. (NYSE:AZO - Free Report) by 645.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,457 shares of the company's stock after buying an additional 6,457 shares during the period. AutoZone makes up 2.8% of Shellback Capital LP's holdings, making the stock its 8th biggest position. Shellback Capital LP's holdings in AutoZone were worth $28,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. raised its stake in AutoZone by 3.5% during the first quarter. Blue Trust Inc. now owns 89 shares of the company's stock worth $339,000 after purchasing an additional 3 shares during the period. Hudson Valley Investment Advisors Inc. ADV raised its stake in AutoZone by 10.1% during the first quarter. Hudson Valley Investment Advisors Inc. ADV now owns 2,954 shares of the company's stock worth $11,267,000 after purchasing an additional 271 shares during the period. Kirr Marbach & Co. LLC IN raised its stake in AutoZone by 0.9% during the first quarter. Kirr Marbach & Co. LLC IN now owns 7,761 shares of the company's stock worth $29,591,000 after purchasing an additional 68 shares during the period. Banco Santander S.A. raised its stake in AutoZone by 98.3% during the first quarter. Banco Santander S.A. now owns 829 shares of the company's stock worth $3,161,000 after purchasing an additional 411 shares during the period. Finally, Focus Partners Wealth raised its stake in AutoZone by 1.5% during the fourth quarter. Focus Partners Wealth now owns 10,614 shares of the company's stock worth $34,087,000 after purchasing an additional 154 shares during the period. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

Shares of AZO stock traded up $95.55 during trading on Thursday, reaching $4,348.45. The company's stock had a trading volume of 132,219 shares, compared to its average volume of 128,345. The company has a market capitalization of $72.97 billion, a price-to-earnings ratio of 29.43, a P/E/G ratio of 2.26 and a beta of 0.41. The stock's 50-day moving average price is $3,963.00 and its 200 day moving average price is $3,760.65. AutoZone, Inc. has a 1-year low of $2,898.57 and a 1-year high of $4,388.11.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AZO shares. DA Davidson lifted their target price on shares of AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Guggenheim lifted their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Mizuho lifted their target price on shares of AutoZone from $3,740.00 to $4,050.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. The Goldman Sachs Group set a $3,811.00 price target on shares of AutoZone in a research note on Friday, May 23rd. Finally, Morgan Stanley reissued an "overweight" rating and issued a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a research note on Wednesday, May 28th. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, AutoZone has an average rating of "Buy" and an average target price of $4,229.38.

Insider Buying and Selling

In related news, VP Richard Craig Smith sold 3,000 shares of AutoZone stock in a transaction that occurred on 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 completion of the transaction, the vice president owned 2,925 shares in the company, valued at approximately $11,337,007.50. The trade was a 50.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of AutoZone stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total transaction of $2,697,847.50. Following the completion of the transaction, the senior vice president owned 406 shares of the company's stock, valued at $1,460,434.78. This trade represents a 64.88% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

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.