Azzad Asset Management Inc. ADV Raises Stock Position in AutoZone, Inc. $AZO

Azzad Asset Management Inc. ADV increased its position in shares of AutoZone, Inc. (NYSE:AZO) by 30.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 947 shares of the company’s stock after acquiring an additional 219 shares during the period. Azzad Asset Management Inc. ADV’s holdings in AutoZone were worth $3,199,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of AutoZone during the 4th quarter valued at $939,205,000. Morgan Stanley increased its holdings in shares of AutoZone by 17.8% in the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after purchasing an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of AutoZone by 387.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of AutoZone by 39.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after buying an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in AutoZone by 80.8% during the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock valued at $432,059,000 after buying an additional 45,212 shares during the period. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Down 2.1%

AZO opened at $3,006.21 on Friday. The stock has a market capitalization of $49.09 billion, a P/E ratio of 20.67, a PEG ratio of 1.56 and a beta of 0.33. The stock has a 50-day moving average price of $3,205.01 and a 200-day moving average price of $3,433.41. AutoZone, Inc. has a 12-month low of $2,928.11 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 for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $35.36 EPS. On average, equities research analysts predict that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone declared that its board has approved a stock buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, Director Brian Hannasch purchased 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the purchase, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AZO has been the subject of several recent analyst reports. Guggenheim reduced their target price on 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. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. JPMorgan Chase & Co. cut their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating for the company in a report on Wednesday, May 27th. Weiss Ratings upgraded shares of AutoZone from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Finally, Jefferies Financial Group lowered their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4,040.87.

About AutoZone

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.