AutoZone (NYSE:AZO) Sets New 52-Week Low – Should You Sell?

AutoZone, Inc. (NYSE:AZO)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $2,860.13 and last traded at $2,866.0370, with a volume of 146417 shares changing hands. The stock had previously closed at $2,965.52.

Analyst Ratings Changes

A number of brokerages have weighed in on AZO. TD Cowen cut their price objective on shares of AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating on the stock in a report on Monday, August 31st. UBS Group reaffirmed a “buy” rating on shares of AutoZone in a research report on Tuesday. Robert W. Baird decreased their target price on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. Citigroup dropped their price target on shares of AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating on the stock in a report on Monday. Finally, Mizuho decreased their price objective on shares of AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3,946.96.

AutoZone Stock Down 0.0%

The stock has a market cap of $46.51 billion, a P/E ratio of 19.55, a PEG ratio of 1.43 and a beta of 0.34. The business has a 50 day moving average price of $3,002.33 and a 200 day moving average price of $3,230.13.

AutoZone declared that its Board of Directors has approved a share buyback program 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the business’s stock in a transaction that occurred 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 sale, the vice president owned 441 shares of the company’s stock, valued at approximately $1,367,100. The trade was a 76.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On AutoZone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cherry Tree Wealth Management LLC lifted its holdings in AutoZone by 47,900.0% in the second quarter. Cherry Tree Wealth Management LLC now owns 1,920 shares of the company’s stock valued at $6,136,000 after acquiring an additional 1,916 shares during the period. SkyView Investment Advisors LLC increased its stake in shares of AutoZone by 11.1% during the second quarter. SkyView Investment Advisors LLC now owns 100 shares of the company’s stock worth $320,000 after purchasing an additional 10 shares in the last quarter. Tidal Investments LLC raised its stake in AutoZone by 29.6% in the 2nd quarter. Tidal Investments LLC now owns 7,922 shares of the company’s stock valued at $25,318,000 after purchasing an additional 1,809 shares during the last quarter. National Pension Service grew its stake in AutoZone by 3.6% during the 2nd quarter. National Pension Service now owns 45,649 shares of the company’s stock valued at $145,891,000 after acquiring an additional 1,578 shares in the last quarter. Finally, WINTON GROUP Ltd grew its holdings in AutoZone by 48.6% in the 2nd quarter. WINTON GROUP Ltd now owns 110 shares of the company’s stock valued at $352,000 after buying an additional 36 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

AutoZone, Inc is a retailer and distributor of automotive replacement parts, accessories, and maintenance products. The company serves do-it-yourself customers, professional service technicians, and commercial repair businesses through its stores, distribution network, and online platform.

Its product offerings include replacement parts such as batteries, brakes, engine components, and ignition products, along with tools, fluids, filters, and other automotive accessories. AutoZone also provides services such as parts lookup, diagnostic assistance, battery testing and charging, and loaner tools for eligible repairs.

Founded in 1979 and headquartered in Memphis, Tennessee, AutoZone operates primarily in the United States, with additional locations in Mexico and Brazil.