Van ECK Associates Corp Sells 210 Shares of AutoZone, Inc. $AZO

Van ECK Associates Corp decreased its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 8.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,348 shares of the company’s stock after selling 210 shares during the period. Van ECK Associates Corp’s holdings in AutoZone were worth $7,504,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Turning Point Benefit Group Inc. bought a new position in AutoZone during the third quarter valued at about $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares in the last quarter. MCF Advisors LLC increased its holdings in shares of AutoZone by 50.0% during the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. Bard Associates Inc. acquired a new stake in AutoZone in the 4th quarter worth approximately $31,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in AutoZone in the 2nd quarter worth approximately $29,000. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Down 0.9%

AZO opened at $2,965.33 on Wednesday. The stock’s 50 day moving average price is $3,044.13 and its two-hundred day moving average price is $3,295.20. The firm has a market capitalization of $48.42 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 1.74 and a beta of 0.34. AutoZone, Inc. has a 12-month low of $2,902.20 and a 12-month high of $4,388.11.

AutoZone announced that its Board of Directors has authorized a share repurchase plan on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

AZO has been the topic of several analyst reports. Piper Sandler set a $3,500.00 price target on AutoZone in a report on Monday. Weiss Ratings cut shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a report on Tuesday, May 26th. Guggenheim lowered their target price on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, Roth Capital dropped their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3,999.04.

Insider Buying and Selling at AutoZone

In other news, VP Dennis W. Leriche sold 1,455 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. This trade represents a 76.74% decrease in their ownership of the stock. The sale 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.

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.