State of Michigan Retirement System reduced its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 82.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,951 shares of the company’s stock after selling 28,913 shares during the quarter. State of Michigan Retirement System’s holdings in AutoZone were worth $6,713,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Douglas Lane & Associates LLC increased its stake in shares of AutoZone by 2.7% during the first quarter. Douglas Lane & Associates LLC now owns 416 shares of the company’s stock valued at $352,000 after purchasing an additional 11 shares in the last quarter. AIA Investment Management Private Ltd increased its holdings in shares of AutoZone by 12.9% during the first quarter. AIA Investment Management Private Ltd now owns 96 shares of the company’s stock valued at $81,000 after acquiring an additional 11 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of AutoZone by 0.6% in the 2nd quarter. CIBC Asset Management Inc now owns 2,116 shares of the company’s stock worth $2,387,000 after purchasing an additional 13 shares during the last quarter. CENTRAL TRUST Co boosted its stake in AutoZone by 2.9% in the 1st quarter. CENTRAL TRUST Co now owns 528 shares of the company’s stock worth $447,000 after purchasing an additional 15 shares in the last quarter. Finally, Eaton Vance Management grew its position in AutoZone by 0.3% during the 1st quarter. Eaton Vance Management now owns 6,842 shares of the company’s stock valued at $5,790,000 after purchasing an additional 18 shares during the last quarter. 91.59% of the stock is owned by institutional investors.
NYSE AZO opened at $1,207.42 on Friday. The business’s fifty day moving average is $1,135.63 and its 200 day moving average is $1,057.11. AutoZone, Inc. has a fifty-two week low of $684.91 and a fifty-two week high of $1,274.41. The company has a market capitalization of $28.20 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90.
AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, May 26th. The company reported $14.39 EPS for the quarter, topping the consensus estimate of $13.80 by $0.59. The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.65 billion. AutoZone had a negative return on equity of 91.18% and a net margin of 12.90%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter last year, the company earned $15.99 earnings per share. Sell-side analysts anticipate that AutoZone, Inc. will post 62.98 earnings per share for the current fiscal year.
In related news, VP Philip B. Daniele sold 176 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $1,100.21, for a total value of $193,636.96. Following the completion of the transaction, the vice president now owns 247 shares of the company’s stock, valued at approximately $271,751.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Kristen C. Wright sold 1,890 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $1,140.00, for a total value of $2,154,600.00. Following the completion of the sale, the vice president now owns 2,137 shares of the company’s stock, valued at approximately $2,436,180. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
AZO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of AutoZone from $1,190.00 to $1,265.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. Wedbush reaffirmed an “outperform” rating and set a $1,300.00 price target on shares of AutoZone in a report on Tuesday, June 30th. Cfra reiterated a “strong-buy” rating and issued a $1,275.00 price objective (up from $1,250.00) on shares of AutoZone in a report on Tuesday, May 26th. Wells Fargo & Co restated a “buy” rating and set a $1,300.00 target price on shares of AutoZone in a research note on Tuesday, July 28th. Finally, Goldman Sachs Group raised their target price on shares of AutoZone from $967.00 to $1,105.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $1,223.69.
AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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