Resona Asset Management Co. Ltd. Has $30.04 Million Stake in AutoZone, Inc. $AZO

Resona Asset Management Co. Ltd. cut its stake in shares of AutoZone, Inc. (NYSE:AZO) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,005 shares of the company’s stock after selling 226 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in AutoZone were worth $30,038,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC increased its stake in AutoZone by 600.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock valued at $30,000 after purchasing an additional 6 shares in the last quarter. Aspect Partners LLC increased its position in shares of AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after acquiring an additional 7 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of AutoZone in the 3rd quarter worth about $34,000. Bank of Jackson Hole Trust bought a new position in AutoZone in the 2nd quarter valued at about $33,000. Finally, NewSquare Capital LLC lifted its holdings in shares of AutoZone by 50.0% in the second quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after purchasing an additional 3 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

AutoZone Trading Up 0.0%

AZO opened at $3,698.69 on Friday. AutoZone, Inc. has a 12-month low of $3,210.72 and a 12-month high of $4,388.11. The company has a market cap of $61.28 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 1.77 and a beta of 0.42. The stock has a fifty day simple moving average of $3,585.72 and a two-hundred day simple moving average of $3,848.50.

AutoZone (NYSE:AZO) last issued its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $32.69 by ($1.65). AutoZone had a negative return on equity of 65.38% and a net margin of 12.78%.The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the company posted $32.52 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. On average, analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

AutoZone announced that its board has initiated a share buyback plan on Wednesday, October 8th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at AutoZone

In other AutoZone news, Director Michael A. George acquired 145 shares of the stock in a transaction dated Monday, December 22nd. The shares were acquired at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the completion of the transaction, the director directly owned 566 shares of the company’s stock, valued at approximately $1,923,341.58. The trade was a 34.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Brian Hannasch purchased 147 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was acquired at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the purchase, the director directly owned 962 shares in the company, valued at $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 347 shares of company stock valued at $1,179,256 and have sold 3,837 shares valued at $13,445,423. 2.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on AZO shares. Oppenheimer dropped their target price on shares of AutoZone from $4,600.00 to $4,150.00 and set an “outperform” rating on the stock in a research report on Friday, January 9th. Wells Fargo & Company reduced their target price on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a research note on Wednesday, December 10th. Rothschild & Co Redburn lifted their price target on AutoZone from $4,300.00 to $4,700.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Wolfe Research cut shares of AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Finally, Gabelli reissued a “buy” rating on shares of AutoZone in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $4,285.00.

AutoZone 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.