Hardy Reed LLC Purchases Shares of 1,420 AutoZone, Inc. $AZO

Key Points

• Hardy Reed LLC acquired 1,420 AutoZone shares during the second quarter, valued at approximately $4.54 million. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a broadly positive view, with a consensus rating of “Moderate Buy” and an average price target of $4,029.43, despite several recent target-price reductions.
• AutoZone reported quarterly EPS of $38.07, exceeding estimates, while revenue increased 8.4% year over year. The company also authorized a $1.5 billion share-repurchase program, covering up to 3% of outstanding shares.

Hardy Reed LLC purchased a new position in AutoZone, Inc. (NYSE:AZO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,420 shares of the company's stock, valued at approximately $4,538,000.

Several other hedge funds have also recently modified their holdings of AZO. Morgan Stanley boosted its stake in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after purchasing an additional 74,555 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in AutoZone by 1.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company's stock valued at $1,312,654,000 after purchasing an additional 7,390 shares in the last quarter. Norges Bank acquired a new position in AutoZone during the 4th quarter valued at approximately $939,205,000. First Manhattan CO. LLC. raised its holdings in shares of AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company's stock worth $886,246,000 after buying an additional 6,765 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of AutoZone by 1.2% in the third quarter. Northern Trust Corp now owns 189,789 shares of the company's stock worth $814,240,000 after buying an additional 2,333 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AZO. The Goldman Sachs Group dropped their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their target price on AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Robert W. Baird lowered their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. DA Davidson dropped their price target on AutoZone from $4,300.00 to $3,750.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Finally, Barclays dropped their price target on AutoZone from $3,900.00 to $3,637.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $4,029.43.

Insider Transactions at AutoZone

In related news, Director Brian Hannasch bought 165 shares of the stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the purchase, the director directly owned 1,219 shares of the company's stock, valued at $3,641,153. This represents a 15.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's 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 sale, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.60% of the company's stock.

AutoZone Price Performance

NYSE:AZO opened at $3,026.92 on Friday. The firm has a market capitalization of $49.43 billion, a P/E ratio of 20.81, a PEG ratio of 1.54 and a beta of 0.33. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The company's fifty day moving average price is $3,063.49 and its 200-day moving average price is $3,357.72.

AutoZone (NYSE:AZO - Get Free Report) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (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 company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm posted $35.36 earnings per share. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Equities analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has approved a share repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

AutoZone Company 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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