CTC Alternative Strategies Ltd. Takes Position in AutoZone, Inc. $AZO

Key Points

• CTC Alternative Strategies Ltd. invested $366,000 in AutoZone, Inc., acquiring 96 shares according to a recent Form 13F filing.
• Several institutional investors and hedge funds are actively increasing their holdings in AutoZone, with approximately 92.74% of the company's stock owned by these entities.
• Equities analysts have recently upgraded AutoZone's rating, moving it from "hold" to "buy," with target prices ranging from $4,100 to $4,850.

CTC Alternative Strategies Ltd. purchased a new stake in AutoZone, Inc. (NYSE:AZO - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 96 shares of the company's stock, valued at approximately $366,000.

Other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. grew its holdings in AutoZone by 30.4% during the first quarter. Goldman Sachs Group Inc. now owns 106,888 shares of the company's stock worth $407,540,000 after acquiring an additional 24,933 shares during the period. Jones Financial Companies Lllp grew its holdings in AutoZone by 43.6% during the first quarter. Jones Financial Companies Lllp now owns 642 shares of the company's stock worth $2,448,000 after acquiring an additional 195 shares during the period. Teewinot Capital Advisers L.L.C. acquired a new stake in AutoZone during the first quarter worth about $2,238,000. UniSuper Management Pty Ltd grew its holdings in AutoZone by 3.3% in the first quarter. UniSuper Management Pty Ltd now owns 1,270 shares of the company's stock valued at $4,842,000 after purchasing an additional 41 shares during the period. Finally, Shellback Capital LP grew its holdings in AutoZone by 645.7% in the first quarter. Shellback Capital LP now owns 7,457 shares of the company's stock valued at $28,432,000 after purchasing an additional 6,457 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction 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 owned 2,925 shares of the company's stock, valued at $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of AutoZone stock in a transaction on Friday, June 20th. The shares were sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president directly owned 406 shares of the company's stock, valued at $1,460,434.78. The trade was a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

AutoZone Price Performance

AutoZone stock traded down $27.17 during trading on Friday, reaching $4,327.37. 100,875 shares of the company were exchanged, compared to its average volume of 99,795. AutoZone, Inc. has a 52-week low of $2,898.57 and a 52-week high of $4,388.11. The company has a market capitalization of $72.62 billion, a P/E ratio of 29.29, a PEG ratio of 2.30 and a beta of 0.41. The stock's 50 day simple moving average is $3,989.84 and its two-hundred day simple moving average is $3,776.14.

Analyst Upgrades and Downgrades

Several brokerages have commented on AZO. Truist Financial set a $3,995.00 price objective on AutoZone in a report on Friday, May 23rd. Mizuho raised their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. BMO Capital Markets reissued an "outperform" rating and issued a $4,100.00 price objective (up from $3,850.00) on shares of AutoZone in a report on Wednesday, May 28th. Guggenheim raised their price objective on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Finally, DA Davidson raised their price objective on AutoZone from $4,192.00 to $4,850.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of "Buy" and an average price target of $4,229.38.

AutoZone Company 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.