First Manhattan CO. LLC. Acquires 6,765 Shares of AutoZone, Inc. $AZO

Key Points

• First Manhattan CO. LLC. increased its AutoZone stake by 2.7% in the fourth quarter, adding 6,765 shares and bringing its total to 261,314 shares valued at about $886.2 million.
• AutoZone reported better-than-expected quarterly earnings, with EPS of $38.07 versus estimates of $36.22, while revenue rose 8.4% year over year to $4.84 billion.
• The company’s board also authorized a $1.5 billion share buyback, covering up to 3% of outstanding shares, as analysts maintain a generally positive outlook with a consensus rating of “Moderate Buy.”

First Manhattan CO. LLC. increased its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,314 shares of the company's stock after acquiring an additional 6,765 shares during the quarter. AutoZone makes up approximately 2.3% of First Manhattan CO. LLC.'s holdings, making the stock its 7th biggest holding. First Manhattan CO. LLC. owned 1.58% of AutoZone worth $886,246,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of AZO. Turning Point Benefit Group Inc. acquired a new stake in AutoZone during the third quarter worth about $25,000. Torren Management LLC acquired a new stake in AutoZone during the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC raised its stake in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company's stock worth $28,000 after acquiring an additional 4 shares during the period. MCF Advisors LLC raised its stake in AutoZone by 50.0% during the fourth quarter. MCF Advisors LLC now owns 9 shares of the company's stock worth $31,000 after acquiring an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new stake in AutoZone during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 92.74% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AZO. Raymond James Financial reiterated a "strong-buy" rating on shares of AutoZone in a research note on Wednesday, May 27th. Jefferies Financial Group dropped their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Robert W. Baird dropped their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. UBS Group set a $4,800.00 price target on shares of AutoZone in a research note on Tuesday, March 3rd. Finally, Weiss Ratings upgraded shares of AutoZone from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, AutoZone presently has an average rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insider Buying and Selling

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares of the company's stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Earl G. Graves, Jr. sold 50 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the sale, the director owned 4,837 shares of the company's stock, valued at $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by company insiders.

AutoZone Price Performance

NYSE AZO opened at $3,058.27 on Thursday. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11. The firm has a market capitalization of $49.94 billion, a PE ratio of 21.03, a P/E/G ratio of 1.59 and a beta of 0.35. The company's 50 day simple moving average is $3,348.30 and its 200 day simple moving average is $3,493.73.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter last year, the business earned $35.36 earnings per share. The business's revenue for the quarter was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that AutoZone, Inc. will post 150.45 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has authorized 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 purchase up to 3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

AutoZone Profile

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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