AutoZone, Inc. $AZO Stock: Sterling Capital Management LLC Lowers Holdings

Key Points

• Sterling Capital Management cut its AutoZone stake by 77% in the third quarter, selling 442 shares and retaining 132 shares valued at approximately $374,000. Institutional investors collectively own 92.74% of the company.
• Analysts generally remain positive, with AutoZone receiving a “Moderate Buy” consensus rating and an average price target of $3,674.36, despite several firms lowering their targets.
• AutoZone reported quarterly revenue of $6.59 billion, up 5.6% year over year, while its shares opened at $3,139.50 and were down 0.5% in the latest session.

Sterling Capital Management LLC decreased its position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 77.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132 shares of the company's stock after selling 442 shares during the period. Sterling Capital Management LLC's holdings in AutoZone were worth $374,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Assenagon Asset Management S.A. increased its position in shares of AutoZone by 42,984.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company's stock worth $29,821,658,000 after purchasing an additional 10,513,156 shares during the last quarter. BlackRock Inc. bought a new position in AutoZone during the 2nd quarter valued at $3,938,566,000. Sound Income Strategies LLC grew its stake in shares of AutoZone by 646,568.6% in the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company's stock worth $1,866,687,000 after purchasing an additional 659,500 shares during the last quarter. Howard Capital Management LLC increased its stake in AutoZone by 79,236.8% in the 3rd quarter. Howard Capital Management LLC now owns 385,577 shares of the company's stock worth $1,091,191,000 after purchasing an additional 385,091 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in AutoZone by 247,417.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company's stock worth $798,963,000 after purchasing an additional 249,892 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AZO has been the subject of several research reports. DA Davidson reduced their target price on shares of AutoZone from $3,750.00 to $3,500.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. BMO Capital Markets reduced their price objective on AutoZone from $4,000.00 to $3,500.00 and set an "outperform" rating for the company in a research report on Wednesday, September 23rd. Weiss Ratings restated a "hold (c)" rating on shares of AutoZone in a research report on Wednesday, October 21st. Mizuho reduced their target price on AutoZone from $3,200.00 to $3,000.00 and set a "neutral" rating for the company in a research report on Wednesday, September 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AutoZone from $3,850.00 to $3,700.00 and set an "overweight" rating for the company in a report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $3,674.36.

AutoZone Trading Down 0.5%

NYSE AZO opened at $3,139.50 on Friday. The company has a market cap of $50.51 billion, a P/E ratio of 20.66, a PEG ratio of 1.63 and a beta of 0.40. The company has a fifty day simple moving average of $2,960.70 and a 200 day simple moving average of $3,263.06. AutoZone, Inc. has a 12-month low of $2,730.65 and a 12-month high of $3,996.25.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share for the quarter, topping the consensus estimate of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.70 billion. During the same period in the previous year, the company earned $48.71 earnings per share. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. Sell-side analysts predict that AutoZone, Inc. will post 170.30 EPS for the current year.

Insider Transactions at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company's 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 in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

About AutoZone

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.