CTC Alternative Strategies Ltd. Grows Stock Holdings in AutoZone, Inc. $AZO

CTC Alternative Strategies Ltd. lifted its holdings in AutoZone, Inc. (NYSE:AZO) by 229.5% during the first quarter, Holdings Channel reports. The fund owned 257 shares of the company’s stock after buying an additional 179 shares during the quarter. AutoZone makes up 2.0% of CTC Alternative Strategies Ltd.’s holdings, making the stock its 13th largest holding. CTC Alternative Strategies Ltd.’s holdings in AutoZone were worth $868,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC raised its stake in shares of 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 last quarter. Sivia Capital Partners LLC acquired a new position in shares of AutoZone in the 2nd quarter valued at about $356,000. Guggenheim Capital LLC boosted its stake in shares of AutoZone by 3.8% in the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock worth $921,000 after buying an additional 9 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock worth $5,110,000 after buying an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in AutoZone by 52.3% during the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock worth $43,667,000 after acquiring an additional 4,039 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Activity at AutoZone

In other AutoZone news, Director Brian Hannasch bought 165 shares of AutoZone stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. DA Davidson reduced their price target on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. BNP Paribas Exane lowered their price objective on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Citigroup cut their target price on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Roth Capital decreased their target price on shares of 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. Finally, Truist Financial set a $3,700.00 price target on shares of AutoZone in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Stock Up 0.6%

Shares of AutoZone stock opened at $3,024.42 on Friday. The firm has a market cap of $49.39 billion, a PE ratio of 20.79, a P/E/G ratio of 1.53 and a beta of 0.33. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The business has a 50-day moving average price of $3,069.68 and a 200 day moving average price of $3,393.78.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the business posted $35.36 earnings per share. AutoZone’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, sell-side analysts expect that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone announced that its board has initiated a share repurchase plan 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 plans are generally a sign that the company’s board believes its shares are undervalued.

AutoZone Company Profile

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.