Summit Global Investments Sells 234 Shares of AutoZone, Inc. $AZO

Summit Global Investments lessened its stake in shares of AutoZone, Inc. (NYSE:AZO) by 44.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 298 shares of the company’s stock after selling 234 shares during the period. Summit Global Investments’ holdings in AutoZone were worth $843,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AZO. Vision Retirement LLC grew its holdings in shares of AutoZone by 0.5% during the first quarter. Vision Retirement LLC now owns 602 shares of the company’s stock valued at $2,033,000 after buying an additional 3 shares during the last quarter. State of Wyoming raised its stake in AutoZone by 13.6% in the 1st quarter. State of Wyoming now owns 25 shares of the company’s stock worth $84,000 after acquiring an additional 3 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in AutoZone by 7.7% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 56 shares of the company’s stock worth $158,000 after acquiring an additional 4 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in AutoZone by 5.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 84 shares of the company’s stock worth $239,000 after acquiring an additional 4 shares during the period. Finally, Aprio Wealth Management LLC lifted its position in AutoZone by 5.8% during the 3rd quarter. Aprio Wealth Management LLC now owns 73 shares of the company’s stock worth $207,000 after acquiring an additional 4 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insiders Place Their Bets

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at approximately $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on AZO. Wells Fargo & Company dropped their price target on AutoZone from $4,150.00 to $3,500.00 and set an “overweight” rating on the stock in a research note on Thursday, September 10th. Sanford C. Bernstein started coverage on AutoZone in a report on Tuesday, September 29th. They set an “outperform” rating and a $3,698.00 target price for the company. UBS Group set a $3,850.00 target price on AutoZone in a report on Wednesday, September 23rd. Mizuho dropped their target price on AutoZone from $3,200.00 to $3,000.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 23rd. Finally, Guggenheim cut their price target on shares of AutoZone from $4,000.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $3,674.36.

AutoZone Price Performance

AutoZone stock opened at $3,253.66 on Tuesday. The stock has a market capitalization of $52.36 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 1.63 and a beta of 0.40. The business has a 50 day simple moving average of $2,970.68 and a 200-day simple moving average of $3,260.00. AutoZone, Inc. has a 12 month low of $2,730.65 and a 12 month high of $3,996.25.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter last year, the firm posted $48.71 EPS. The business’s revenue was up 5.6% on a year-over-year basis. On average, equities research analysts anticipate that AutoZone, Inc. will post 170.30 EPS for the current fiscal year.

AutoZone Company Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.