Russell Investments Group Ltd. Trims Stock Position in AutoZone, Inc. $AZO

Russell Investments Group Ltd. lessened its position in shares of AutoZone, Inc. (NYSE:AZO) by 8.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 71,163 shares of the company’s stock after selling 6,559 shares during the quarter. Russell Investments Group Ltd.’s holdings in AutoZone were worth $241,364,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AZO. Turning Point Benefit Group Inc. purchased a new stake in shares of AutoZone during the 3rd quarter valued at approximately $25,000. Torren Management LLC purchased a new stake in AutoZone in the fourth quarter valued at approximately $27,000. Transamerica Financial Advisors LLC raised its position in AutoZone by 100.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock valued at $28,000 after purchasing an additional 4 shares during the period. MCF Advisors LLC raised its position in AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after purchasing an additional 3 shares during the period. Finally, Bard Associates Inc. purchased a new stake in AutoZone in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Stock Up 0.7%

NYSE:AZO opened at $3,128.25 on Wednesday. The company has a fifty day simple moving average of $3,355.86 and a two-hundred day simple moving average of $3,500.15. The company has a market cap of $51.08 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 1.58 and a beta of 0.35. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $35.36 earnings per share. On average, analysts expect that AutoZone, Inc. will post 150.45 EPS for the current year.

AutoZone declared that its Board of Directors has approved a share repurchase program on Tuesday, June 16th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. TD Cowen reissued a “buy” rating and issued a $3,700.00 target price on shares of AutoZone in a research report on Thursday, June 4th. BMO Capital Markets cut their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Morgan Stanley cut their target price on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 27th. Argus raised AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 target price on the stock in a research report on Monday, March 9th. Finally, Robert W. Baird cut their target price on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

Insiders Place Their Bets

In related news, Director Earl G. Graves, Jr. sold 50 shares of the business’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the completion of the transaction, the director owned 4,837 shares in the company, valued at approximately $16,826,568.64. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian Hannasch bought 165 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the purchase, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. This represents a 15.65% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.60% of the company’s stock.

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.