AutoZone (NYSE:AZO) Posts Quarterly Earnings Results

AutoZone (NYSE:AZO) announced its earnings results on Tuesday. The company reported $35.36 earnings per share for the quarter, missing the consensus estimate of $37.07 by ($1.71), RTT News reports. AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. During the same quarter last year, the company posted $36.69 EPS.

AutoZone Trading Down 0.8%

NYSE:AZO opened at $3,829.63 on Tuesday. AutoZone has a 1 year low of $2,728.97 and a 1 year high of $3,916.81. The firm’s fifty day simple moving average is $3,692.06 and its 200 day simple moving average is $3,455.58. The firm has a market capitalization of $64.27 billion, a PE ratio of 25.59, a PEG ratio of 1.86 and a beta of 0.44.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AZO shares. Wedbush reiterated an “outperform” rating and set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, March 5th. BMO Capital Markets lifted their target price on shares of AutoZone from $3,700.00 to $3,850.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 5th. Bank of America raised shares of AutoZone from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3,900.00 to $4,800.00 in a research note on Wednesday, May 21st. Argus lowered shares of AutoZone from a “buy” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, Mizuho lifted their target price on shares of AutoZone from $3,600.00 to $3,740.00 and gave the company an “outperform” rating in a report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, AutoZone currently has a consensus rating of “Buy” and a consensus price target of $3,966.76.

Insider Activity at AutoZone

In related news, CEO Philip B. Daniele sold 2,000 shares of the firm’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $3,800.01, for a total value of $7,600,020.00. Following the transaction, the chief executive officer now directly owns 163 shares in the company, valued at approximately $619,401.63. This trade represents a 92.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Domingo Hurtado sold 4,800 shares of the firm’s stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $3,660.00, for a total transaction of $17,568,000.00. Following the completion of the transaction, the vice president now owns 159 shares in the company, valued at $581,940. The trade was a 96.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,521 shares of company stock worth $42,177,331. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On AutoZone

A hedge fund recently raised its stake in AutoZone stock. Brighton Jones LLC grew its stake in AutoZone, Inc. (NYSE:AZO) by 14.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111 shares of the company’s stock after purchasing an additional 14 shares during the period. Brighton Jones LLC’s holdings in AutoZone were worth $356,000 as of its most recent filing with the Securities and Exchange Commission. 92.74% of the stock is currently owned by institutional investors and hedge funds.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.