RedJay Asset Management Inc. Decreases Stake in AutoZone, Inc. (NYSE:AZO)

RedJay Asset Management Inc. trimmed its holdings in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 83.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 500 shares of the company's stock after selling 2,500 shares during the quarter. RedJay Asset Management Inc.'s holdings in AutoZone were worth $1,906,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of AZO. Headlands Technologies LLC acquired a new stake in AutoZone during the 4th quarter valued at approximately $29,000. Flagship Wealth Advisors LLC acquired a new position in shares of AutoZone in the 4th quarter valued at approximately $32,000. Harbour Investments Inc. boosted its stake in shares of AutoZone by 42.9% during the 4th quarter. Harbour Investments Inc. now owns 10 shares of the company's stock valued at $32,000 after buying an additional 3 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of AutoZone during the fourth quarter worth approximately $45,000. Finally, Tradewinds Capital Management LLC increased its stake in shares of AutoZone by 30.0% in the first quarter. Tradewinds Capital Management LLC now owns 13 shares of the company's stock worth $50,000 after buying an additional 3 shares during the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AutoZone

In related news, Chairman William C. Rhodes III sold 27,500 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $3,708.93, for a total transaction of $101,995,575.00. Following the sale, the chairman now owns 8,546 shares of the company's stock, valued at $31,696,515.78. The trade was a 76.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP K. Michelle Borninkhof sold 750 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the completion of the sale, the senior vice president now owns 406 shares of the company's stock, valued at $1,460,434.78. This trade represents a 64.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,662 shares of company stock worth $131,999,089 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

AutoZone Trading Up 2.4%

NYSE AZO opened at $3,606.82 on Monday. The company has a 50-day moving average price of $3,694.76 and a two-hundred day moving average price of $3,534.79. AutoZone, Inc. has a 52 week low of $2,801.49 and a 52 week high of $3,916.81. The stock has a market cap of $60.52 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.16 and a beta of 0.40.

AutoZone (NYSE:AZO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $35.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $37.07 by ($1.71). The business had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.41 billion. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%. The business's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $36.69 earnings per share. As a group, equities research analysts expect that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AZO shares. JPMorgan Chase & Co. increased their price objective on shares of AutoZone from $3,830.00 to $4,350.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Roth Capital set a $4,135.00 target price on shares of AutoZone and gave the company a "buy" rating in a research note on Monday, June 2nd. Oppenheimer raised shares of AutoZone from a "market perform" rating to an "outperform" rating and set a $4,600.00 price target on the stock in a research report on Friday, May 2nd. Guggenheim boosted their price objective on AutoZone from $3,850.00 to $4,100.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Finally, Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and upped their price objective for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $4,072.24.

AutoZone Company Profile

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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