Ethic Inc. Buys 94 Shares of AutoZone, Inc. $AZO

Key Points

• Ethic Inc. increased its stake in AutoZone by 4.4% during the second quarter, now holding 2,214 shares worth approximately $7,990,000.
• CEO Philip B. Daniele significantly reduced his holdings by selling 2,533 shares for over $10 million, leaving him with only 55 shares in the company.
• AutoZone's stock has been subject to recent analyst revisions, with target prices from various firms ranging from $4,499 to $4,750, maintaining a consensus rating of "Moderate Buy."

Ethic Inc. boosted its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 4.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,214 shares of the company's stock after purchasing an additional 94 shares during the quarter. Ethic Inc.'s holdings in AutoZone were worth $7,990,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. AlphaCore Capital LLC bought a new stake in shares of AutoZone in the first quarter valued at approximately $27,000. Saudi Central Bank bought a new stake in shares of AutoZone in the first quarter valued at approximately $27,000. Financial Network Wealth Advisors LLC boosted its position in shares of AutoZone by 66.7% in the first quarter. Financial Network Wealth Advisors LLC now owns 10 shares of the company's stock valued at $38,000 after acquiring an additional 4 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of AutoZone in the second quarter valued at approximately $41,000. Finally, Cornerstone Planning Group LLC bought a new stake in shares of AutoZone in the first quarter valued at approximately $44,000. 92.74% of the stock is owned by institutional investors.

Insider Buying and Selling at AutoZone

In other AutoZone news, CEO Philip B. Daniele sold 2,533 shares of the stock in a transaction on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the transaction, the chief executive officer directly owned 55 shares in the company, valued at $221,148.40. This represents a 97.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Scott Murphy sold 2,860 shares of the stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $4,175.70, for a total value of $11,942,502.00. Following the transaction, the vice president owned 1,244 shares of the company's stock, valued at $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on AZO. Wells Fargo & Company reduced their price objective on AutoZone from $4,800.00 to $4,700.00 and set an "overweight" rating for the company in a research report on Wednesday, September 24th. Barclays increased their price objective on AutoZone from $3,916.00 to $4,610.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Mizuho increased their price objective on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Truist Financial cut their target price on AutoZone from $4,504.00 to $4,499.00 and set a "buy" rating for the company in a research note on Wednesday, September 24th. Finally, Jefferies Financial Group upped their target price on AutoZone from $4,255.00 to $4,750.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, AutoZone currently has a consensus rating of "Moderate Buy" and an average price target of $4,544.68.

AutoZone Price Performance

AutoZone stock opened at $3,992.61 on Thursday. The stock has a fifty day moving average price of $4,148.80 and a two-hundred day moving average price of $3,869.75. AutoZone, Inc. has a 52-week low of $2,980.10 and a 52-week high of $4,388.11. The firm has a market capitalization of $67.00 billion, a P/E ratio of 27.56, a P/E/G ratio of 1.89 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings data on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $50.52 by ($1.81). AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.The company had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the company earned $51.58 earnings per share. The business's revenue was up .6% compared to the same quarter last year. On average, equities research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its board has authorized a stock repurchase plan on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.

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