Equitable Trust Co. Increases Stock Position in AutoZone, Inc. (NYSE:AZO)

Key Points

• Equitable Trust Co. increased its stake in AutoZone by 83.6%, owning 549 shares worth approximately $2.09 million after acquiring an additional 250 shares in the first quarter.
• AutoZone reported earnings of $35.36 per share, missing estimates by $1.71, but showcased a revenue increase of 5.4% year-over-year, totaling $4.46 billion.
• Analysts project a target price of $4,087 for AutoZone, with a strong majority of recommendations rated as "buy" or "strong buy" from various research firms.

Equitable Trust Co. increased its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 83.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 549 shares of the company's stock after purchasing an additional 250 shares during the period. Equitable Trust Co.'s holdings in AutoZone were worth $2,093,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. boosted 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 buying an additional 3 shares during the period. Colonial Trust Co SC raised its holdings in shares of AutoZone by 24.5% in the 4th quarter. Colonial Trust Co SC now owns 61 shares of the company's stock valued at $197,000 after purchasing an additional 12 shares in the last quarter. Comerica Bank raised its holdings in shares of AutoZone by 5.4% in the 4th quarter. Comerica Bank now owns 4,262 shares of the company's stock valued at $13,647,000 after purchasing an additional 217 shares in the last quarter. Barclays PLC raised its holdings in shares of AutoZone by 82.6% in the 4th quarter. Barclays PLC now owns 170,216 shares of the company's stock valued at $545,033,000 after purchasing an additional 77,015 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of AutoZone by 13.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 66,016 shares of the company's stock valued at $211,383,000 after purchasing an additional 7,586 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Performance

AZO stock traded down $4.01 on Wednesday, hitting $3,869.84. 44,409 shares of the company's stock were exchanged, compared to its average volume of 132,789. AutoZone, Inc. has a 12-month low of $2,898.57 and a 12-month high of $3,919.50. The stock has a market cap of $64.94 billion, a P/E ratio of 26.19, a price-to-earnings-growth ratio of 2.27 and a beta of 0.39. The firm has a 50 day moving average price of $3,709.54 and a two-hundred day moving average price of $3,605.41.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $35.36 EPS for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The company had revenue of $4.46 billion during the quarter, compared to analysts' expectations of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $36.69 EPS. Sell-side analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP K. Michelle Borninkhof sold 750 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the transaction, the senior vice president directly owned 406 shares in the company, valued at approximately $1,460,434.78. This represents a 64.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman William C. Rhodes III sold 27,500 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total value of $101,995,575.00. Following the transaction, the chairman owned 8,546 shares of the company's stock, valued at approximately $31,696,515.78. This represents a 76.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,862 shares of company stock valued at $126,058,789 over the last ninety days. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AZO has been the topic of a number of recent research reports. UBS Group lifted their price objective on shares of AutoZone from $4,025.00 to $4,260.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Oppenheimer raised shares of AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 target price on the stock in a report on Friday, May 2nd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $4,100.00 target price (up previously from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. Guggenheim lifted their target price on shares of AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Finally, Wall Street Zen raised shares of AutoZone from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $4,087.00.

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.