SummitTX Capital L.P. Raises Stake in AutoZone, Inc. $AZO

SummitTX Capital L.P. increased its position in AutoZone, Inc. (NYSE:AZO - Free Report) by 1,411.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,297 shares of the company's stock after buying an additional 2,145 shares during the period. SummitTX Capital L.P.'s holdings in AutoZone were worth $7,759,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares during the period. Sivia Capital Partners LLC acquired a new position in AutoZone in the second quarter valued at $356,000. Guggenheim Capital LLC lifted its position in AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock worth $921,000 after buying an additional 9 shares during the period. NewEdge Advisors LLC lifted its position in AutoZone by 8.9% during the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after buying an additional 112 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock worth $43,667,000 after buying an additional 4,039 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Guggenheim dropped their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Mizuho dropped their price objective on AutoZone from $3,600.00 to $3,200.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane reduced their target price on AutoZone from $4,478.00 to $3,979.00 and set an "outperform" rating on the stock in a report on Wednesday, May 27th. Morgan Stanley dropped their price target on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research note on Wednesday, May 27th. Finally, Robert W. Baird reduced their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and a consensus price target of $4,040.87.

Insider Activity

In other news, Director Brian Hannasch purchased 165 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

AutoZone Price Performance

NYSE:AZO opened at $2,953.62 on Monday. The business's 50-day moving average is $3,101.53 and its two-hundred day moving average is $3,403.06. The firm has a market capitalization of $48.23 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. AutoZone, Inc. has a 12 month low of $2,902.20 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO - Get Free Report) last issued its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $35.36 earnings per share. Equities analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its board has approved a stock buyback program on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is 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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