Engineers Gate Manager LP Has $3.96 Million Holdings in AutoZone, Inc. $AZO

Engineers Gate Manager LP boosted its position in AutoZone, Inc. (NYSE:AZO) by 923.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,238 shares of the company’s stock after purchasing an additional 1,117 shares during the quarter. Engineers Gate Manager LP’s holdings in AutoZone were worth $3,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AZO. Integrated Wealth Concepts LLC increased its position in shares of AutoZone by 24.3% in the second quarter. Integrated Wealth Concepts LLC now owns 491 shares of the company’s stock worth $1,569,000 after purchasing an additional 96 shares during the period. NewEdge Advisors LLC lifted its position in AutoZone by 13.0% during the second quarter. NewEdge Advisors LLC now owns 2,293 shares of the company’s stock worth $7,328,000 after purchasing an additional 263 shares during the period. Arizona State Retirement System lifted its position in AutoZone by 0.6% during the second quarter. Arizona State Retirement System now owns 4,572 shares of the company’s stock worth $14,612,000 after purchasing an additional 29 shares during the period. Waverly Advisors LLC grew its stake in AutoZone by 14.9% during the second quarter. Waverly Advisors LLC now owns 510 shares of the company’s stock worth $1,630,000 after buying an additional 66 shares in the last quarter. Finally, Empirical Finance LLC increased its holdings in AutoZone by 3.6% in the 2nd quarter. Empirical Finance LLC now owns 658 shares of the company’s stock valued at $2,103,000 after buying an additional 23 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AutoZone

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

AutoZone Price Performance

Shares of AZO opened at $2,876.76 on Friday. AutoZone, Inc. has a one year low of $2,865.13 and a one year high of $4,363.29. The company has a market cap of $46.98 billion, a PE ratio of 19.78, a P/E/G ratio of 1.44 and a beta of 0.34. The stock has a 50-day moving average of $3,010.86 and a 200-day moving average of $3,251.29.

AutoZone announced that its board has approved a share repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AZO. Roth Capital cut their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. TD Cowen lowered their price target on AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating for the company in a report on Monday, August 31st. Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research report on Wednesday, May 27th. JPMorgan Chase & Co. decreased their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group lowered their target price on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company 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 given a Hold rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,957.38.

AutoZone 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.