Walter Public Investments Inc. Has $9.71 Million Stock Position in AutoZone, Inc. $AZO

Key Points

• Walter Public Investments Inc. cut its AutoZone stake by 49.8% in the first quarter, leaving it with 2,874 shares valued at about $9.71 million.
• AutoZone reported better-than-expected quarterly earnings of $38.07 per share, topping analyst estimates, while revenue rose 8.4% year over year to $4.84 billion.
• The company also approved a $1.5 billion stock buyback and continues to have broadly positive analyst support, with a consensus rating of Moderate Buy.

Walter Public Investments Inc. lowered its stake in shares of AutoZone, Inc. (NYSE:AZO - Free Report) by 49.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,874 shares of the company's stock after selling 2,850 shares during the quarter. AutoZone makes up approximately 2.3% of Walter Public Investments Inc.'s holdings, making the stock its 18th biggest holding. Walter Public Investments Inc.'s holdings in AutoZone were worth $9,708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Angeles Wealth Management LLC lifted its position in shares of AutoZone by 3.2% during the third quarter. Angeles Wealth Management LLC now owns 97 shares of the company's stock worth $416,000 after purchasing an additional 3 shares in the last quarter. Blair William & Co. IL increased its holdings in shares of AutoZone by 0.3% in the third quarter. Blair William & Co. IL now owns 1,108 shares of the company's stock valued at $4,753,000 after purchasing an additional 3 shares in the last quarter. Quadrant Capital Group LLC raised its position in AutoZone by 0.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 518 shares of the company's stock worth $2,222,000 after purchasing an additional 3 shares during the last quarter. Second Line Capital LLC raised its position in AutoZone by 2.0% in the 3rd quarter. Second Line Capital LLC now owns 153 shares of the company's stock worth $656,000 after purchasing an additional 3 shares during the last quarter. Finally, Brookstone Capital Management lifted its holdings in AutoZone by 2.1% during the 4th quarter. Brookstone Capital Management now owns 147 shares of the company's stock worth $499,000 after buying an additional 3 shares in the last quarter. Institutional investors and hedge funds own 92.74% of the company's stock.

AutoZone Stock Performance

AZO opened at $3,158.56 on Friday. The company has a fifty day moving average price of $3,248.95 and a two-hundred day moving average price of $3,444.46. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11. The firm has a market capitalization of $51.58 billion, a PE ratio of 21.72, a P/E/G ratio of 1.60 and a beta of 0.33.

AutoZone (NYSE:AZO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the business posted $35.36 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Equities analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current year.

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Oppenheimer reiterated an "outperform" rating and issued a $4,300.00 price objective (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. Raymond James Financial restated a "strong-buy" rating on shares of AutoZone in a research report on Wednesday, May 27th. Citigroup cut their price target on AutoZone from $4,300.00 to $3,700.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Weiss Ratings cut AutoZone from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Finally, Morgan Stanley lowered their price objective on AutoZone from $4,020.00 to $3,605.00 and set an "overweight" rating for the company in a research report 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4,040.87.

Insider Transactions at AutoZone

In related news, Director Brian Hannasch bought 165 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Earl G. Graves, Jr. sold 50 shares of the business's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 2.60% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.