AutoZone (NYSE:AZO) Issues Quarterly Earnings Results, Misses Estimates By $1.81 EPS

AutoZone (NYSE:AZO) issued its quarterly earnings data on Tuesday. The company reported $48.71 earnings per share for the quarter, missing the consensus estimate of $50.52 by ($1.81), RTT News reports. AutoZone had a negative return on equity of 56.07% and a net margin of 13.56%.The firm had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the company posted $51.58 earnings per share.

AutoZone Trading Down 0.6%

Shares of NYSE:AZO opened at $4,115.07 on Tuesday. The stock has a 50 day moving average of $4,041.27 and a 200 day moving average of $3,805.01. The company has a market cap of $69.05 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.29 and a beta of 0.41. AutoZone has a 12-month low of $2,898.57 and a 12-month high of $4,388.11.

Insiders Place Their Bets

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total value of $11,627,700.00. Following the completion of the transaction, the vice president directly owned 2,925 shares in the company, valued at $11,337,007.50. This represents a 50.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its holdings in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock valued at $356,000 after buying an additional 14 shares during the period. Voleon Capital Management LP purchased a new stake in AutoZone in the second quarter worth $876,000. EP Wealth Advisors LLC purchased a new stake in AutoZone in the second quarter worth $876,000. Eventide Asset Management LLC increased its stake in AutoZone by 26.6% in the second quarter. Eventide Asset Management LLC now owns 195 shares of the company’s stock worth $705,000 after purchasing an additional 41 shares during the period. Finally, CTC Alternative Strategies Ltd. increased its stake in AutoZone by 66.7% in the second quarter. CTC Alternative Strategies Ltd. now owns 160 shares of the company’s stock worth $594,000 after purchasing an additional 64 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Raymond James Financial reiterated a “strong-buy” rating and issued a $4,900.00 target price (up from $4,200.00) on shares of AutoZone in a report on Tuesday, September 16th. Barclays lifted their target price on shares of AutoZone from $3,916.00 to $4,610.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. DA Davidson boosted their target price on shares of AutoZone from $4,192.00 to $4,850.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. Wells Fargo & Company upped their price objective on shares of AutoZone from $4,200.00 to $4,800.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Finally, Roth Capital upped their price objective on shares of AutoZone from $4,135.00 to $4,800.00 and gave the company a “buy” rating in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4,449.18.

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.