Ieq Capital LLC Invests $5.89 Million in AutoZone, Inc. $AZO

Key Points

• Ieq Capital LLC acquired 1,844 AutoZone shares worth approximately $5.89 million during the second quarter. Institutional investors collectively own 92.74% of the company.
• Analysts maintain a “Moderate Buy” consensus on AutoZone, with an average price target of $4,029.43, despite several firms recently lowering their targets.
• AutoZone exceeded quarterly EPS expectations, reporting $38.07 versus the $36.22 consensus, while revenue rose 8.4% year over year. The board also authorized a $1.5 billion share repurchase plan, covering up to 3% of outstanding shares.

Ieq Capital LLC bought a new position in shares of AutoZone, Inc. (NYSE:AZO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,844 shares of the company's stock, valued at approximately $5,892,000.

Several other large investors have also recently bought and sold shares of AZO. Sigma Planning Corp lifted its holdings in shares of AutoZone by 3.6% in the 4th quarter. Sigma Planning Corp now owns 86 shares of the company's stock valued at $292,000 after purchasing an additional 3 shares during the last quarter. Midwest Trust Co grew its stake in AutoZone by 4.2% during the 4th quarter. Midwest Trust Co now owns 74 shares of the company's stock worth $251,000 after buying an additional 3 shares during the last quarter. Arrowroot Family Office LLC grew its stake in AutoZone by 5.4% during the 4th quarter. Arrowroot Family Office LLC now owns 59 shares of the company's stock worth $200,000 after buying an additional 3 shares during the last quarter. MCF Advisors LLC increased its position 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 buying an additional 3 shares during the period. Finally, IVC Wealth Advisors LLC increased its position in AutoZone by 2.9% during the first quarter. IVC Wealth Advisors LLC now owns 107 shares of the company's stock worth $361,000 after buying an additional 3 shares during the period. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analyst Ratings Changes

AZO has been the subject of a number of recent research reports. BMO Capital Markets decreased their price target on shares of AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating for the company in a research note on Wednesday, May 27th. Mizuho dropped their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Citigroup reduced their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating for the company in a report on Wednesday, May 27th. Jefferies Financial Group decreased their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research note on Wednesday, May 27th. Finally, Robert W. Baird lowered their price target on AutoZone from $3,900.00 to $3,600.00 and set a "neutral" 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. Based on data from MarketBeat.com, AutoZone presently has an average rating of "Moderate Buy" and a consensus target price of $4,029.43.

Insider Activity at AutoZone

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the business's stock in a transaction that occurred on 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 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dennis W. Leriche sold 1,455 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.60% of the company's stock.

AutoZone Price Performance

Shares of AutoZone stock opened at $2,960.64 on Monday. AutoZone, Inc. has a 1 year low of $2,902.20 and a 1 year high of $4,388.11. The business has a 50 day moving average price of $3,054.94 and a 200 day moving average price of $3,329.19. The company has a market capitalization of $48.35 billion, a P/E ratio of 20.36, a P/E/G ratio of 1.50 and a beta of 0.33.

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, topping analysts' consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $35.36 EPS. As a group, research analysts expect that AutoZone, Inc. will post 150.39 EPS for the current fiscal year.

AutoZone declared that its board has authorized a share repurchase plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase up to 3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors 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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