Nisa Investment Advisors LLC Increases Stock Position in AutoZone, Inc. $AZO

Nisa Investment Advisors LLC raised its stake in shares of AutoZone, Inc. (NYSE:AZO) by 6.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,375 shares of the company’s stock after purchasing an additional 375 shares during the period. Nisa Investment Advisors LLC’s holdings in AutoZone were worth $27,350,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Aspect Partners LLC grew its position in AutoZone by 700.0% in the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after acquiring an additional 7 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in AutoZone during the second quarter valued at about $33,000. NewSquare Capital LLC boosted its holdings in shares of AutoZone by 50.0% in the 2nd quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock worth $33,000 after purchasing an additional 3 shares in the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of AutoZone in the 2nd quarter worth about $33,000. Finally, Salomon & Ludwin LLC bought a new position in shares of AutoZone during the 3rd quarter valued at about $34,000. Institutional investors own 92.74% of the company’s stock.

AutoZone Trading Down 0.3%

Shares of NYSE:AZO opened at $3,308.16 on Friday. The company has a 50-day moving average price of $3,623.10 and a 200-day moving average price of $3,855.19. The company has a market cap of $54.81 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42. AutoZone, Inc. has a 12 month low of $3,162.00 and a 12 month high of $4,388.11.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, December 9th. The company reported $31.04 EPS for the quarter, missing analysts’ consensus estimates of $32.69 by ($1.65). The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $32.52 EPS. As a group, research analysts forecast that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its Board of Directors has approved a stock buyback program on Wednesday, October 8th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Cowen restated a “buy” rating on shares of AutoZone in a research report on Thursday, September 18th. Truist Financial lowered their price objective on shares of AutoZone from $4,499.00 to $4,076.00 and set a “buy” rating for the company in a report on Wednesday, December 10th. Wolfe Research cut shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Raymond James Financial decreased their target price on shares of AutoZone from $4,800.00 to $4,600.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, December 10th. Finally, Barclays set a $3,880.00 price target on shares of AutoZone in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,310.12.

Insider Activity at AutoZone

In related news, Director Michael A. George acquired 145 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was acquired at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the acquisition, the director owned 566 shares of the company’s stock, valued at $1,923,341.58. This trade represents a 34.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brian Hannasch bought 147 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was bought at an average cost of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the transaction, the director owned 962 shares in the company, valued at approximately $3,264,152.58. This trade represents a 18.04% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 347 shares of company stock valued at $1,179,256 and have sold 3,180 shares valued at $12,465,312. Insiders own 2.60% of the company’s stock.

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.