Segall Bryant & Hamill LLC Makes New $14.05 Million Investment in AutoZone, Inc. $AZO

Segall Bryant & Hamill LLC bought a new stake in AutoZone, Inc. (NYSE:AZO) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 3,784 shares of the company’s stock, valued at approximately $14,048,000.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of AutoZone during the 4th quarter worth $939,205,000. Morgan Stanley boosted its position in shares of AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in AutoZone by 387.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock valued at $263,832,000 after acquiring an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock valued at $584,730,000 after acquiring an additional 50,071 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock valued at $432,059,000 after acquiring an additional 45,212 shares in the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Activity

In related news, Director Brian Hannasch bought 165 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at approximately $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on AZO shares. The Goldman Sachs Group cut their target price on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. BMO Capital Markets lowered their price target on shares of 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. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. Truist Financial set a $3,700.00 price target on AutoZone in a report on Wednesday, May 27th. Finally, Guggenheim reduced their price objective on AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research 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 assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Trading Up 0.6%

NYSE AZO opened at $3,024.42 on Friday. The business’s 50-day moving average price is $3,069.68 and its 200 day moving average price is $3,393.78. AutoZone, Inc. has a twelve month low of $2,902.20 and a twelve month high of $4,388.11. The company has a market capitalization of $49.39 billion, a PE ratio of 20.79, a price-to-earnings-growth ratio of 1.53 and a beta of 0.33.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the previous year, the business earned $35.36 EPS. The firm’s revenue was up 8.4% on a year-over-year basis. Equities analysts predict that AutoZone, Inc. will post 150.39 EPS for the current year.

AutoZone declared that its Board of Directors has authorized a share buyback 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership 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.