Engineers Gate Manager LP Acquires 1,117 Shares of AutoZone, Inc. $AZO

Key Points

• Engineers Gate Manager LP increased its AutoZone stake by 923.1% in the second quarter, acquiring 1,117 additional shares and bringing its holdings to 1,238 shares valued at approximately $3.96 million.
• Institutional investors own 92.74% of AutoZone, while the company authorized a $1.5 billion share-repurchase program equivalent to up to 3% of outstanding shares.
• AutoZone shares opened at $2,876.76, near their 12-month low, while analysts maintain a “Moderate Buy” consensus with an average price target of $3,957.38.

Engineers Gate Manager LP raised its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 923.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,238 shares of the company's stock after buying an additional 1,117 shares during the quarter. Engineers Gate Manager LP's holdings in AutoZone were worth $3,957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System boosted its holdings in AutoZone by 320,651.9% in the 2nd quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company's stock valued at $254,646,043,000 after purchasing an additional 79,653,139 shares during the period. BlackRock Inc. acquired a new stake in AutoZone during the second quarter worth about $3,938,566,000. Norges Bank acquired a new stake in AutoZone during the fourth quarter worth about $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in AutoZone during the second quarter valued at about $572,885,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AutoZone by 11,577.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 141,066 shares of the company's stock valued at $450,838,000 after acquiring an additional 139,858 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Down 0.2%

Shares of AZO stock opened at $2,876.76 on Friday. The firm has a market cap of $46.98 billion, a price-to-earnings ratio of 19.78, a PEG ratio of 1.44 and a beta of 0.34. AutoZone, Inc. has a 12 month low of $2,865.13 and a 12 month high of $4,363.29. The stock has a 50-day moving average price of $3,010.86 and a 200 day moving average price of $3,251.29.

AutoZone declared that its board has approved a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. BMO Capital Markets lowered their price objective on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 27th. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. Evercore reissued an "outperform" rating on shares of AutoZone in a research report on Tuesday, May 26th. The Goldman Sachs Group cut their price target on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group decreased their price objective on AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AutoZone presently has a consensus rating of "Moderate Buy" and a consensus target price of $3,957.38.

Insider Activity at AutoZone

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the 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 completion of the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

About AutoZone

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.

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