Summit Global Investments Makes New Investment in AutoZone, Inc. $AZO

Summit Global Investments bought a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, HoldingsChannel reports. The institutional investor bought 532 shares of the company’s stock, valued at approximately $1,700,000.

Other institutional investors also recently made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new position in AutoZone in the fourth quarter valued at about $1,808,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its position in shares of AutoZone by 15.2% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 14,224 shares of the company’s stock valued at $48,241,000 after acquiring an additional 1,882 shares during the period. CIBC Asset Management Inc boosted its stake in shares of AutoZone by 67.1% during the 4th quarter. CIBC Asset Management Inc now owns 3,941 shares of the company’s stock worth $13,366,000 after acquiring an additional 1,582 shares in the last quarter. Norges Bank acquired a new stake in shares of AutoZone in the 4th quarter worth approximately $939,205,000. Finally, National Pension Service grew its holdings in shares of AutoZone by 1.8% in the 4th quarter. National Pension Service now owns 45,107 shares of the company’s stock worth $152,980,000 after acquiring an additional 805 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,026.92 on Friday. The company has a 50-day simple moving average of $3,063.49 and a 200-day simple moving average of $3,357.72. The company has a market cap of $49.41 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.54 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) last announced its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The business 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 firm posted $35.36 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts anticipate that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its board has approved a stock repurchase plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

AZO has been the subject of several research reports. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. TD Cowen reaffirmed a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. Roth Capital decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Robert W. Baird lowered their price objective on shares of 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. Finally, Barclays dropped their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. 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 data from MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and an average target price of $4,029.43.

Insider Buying and Selling at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hannasch acquired 165 shares of the stock in a transaction dated 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 transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.60% of the company’s stock.

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.