AutoZone (NYSE:AZO) Director Buys $498,784.23 in Stock

AutoZone, Inc. (NYSE:AZO) Director Brian Hannasch acquired 147 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were bought 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. The trade was a 18.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

AutoZone Price Performance

AutoZone stock traded down $35.19 during trading hours on Friday, reaching $3,391.42. The stock had a trading volume of 322,741 shares, compared to its average volume of 134,059. The company has a market cap of $56.41 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 1.61 and a beta of 0.40. The business’s 50 day moving average price is $3,788.67 and its 200-day moving average price is $3,885.70. AutoZone, Inc. has a 52 week low of $3,162.00 and a 52 week high of $4,388.11.

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

AutoZone announced that its board has authorized a share buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AZO. Zacks Research upgraded AutoZone from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Guggenheim lowered their target price on shares of AutoZone from $4,600.00 to $4,400.00 and set a “buy” rating for the company in a research note on Wednesday, December 10th. TD Cowen cut their price target on shares of AutoZone from $4,900.00 to $4,400.00 and set a “buy” rating on the stock in a research note on Wednesday, December 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of AutoZone in a research note on Monday. Finally, Cowen reissued a “buy” rating on shares of AutoZone in a report on Thursday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $4,317.27.

Institutional Investors Weigh In On AutoZone

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of AutoZone by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,797,548 shares of the company’s stock valued at $7,711,912,000 after buying an additional 26,544 shares during the period. Laurel Wealth Advisors LLC raised its position in AutoZone by 371,123.0% during the second quarter. Laurel Wealth Advisors LLC now owns 935,482 shares of the company’s stock valued at $3,472,724,000 after acquiring an additional 935,230 shares in the last quarter. State Street Corp raised its position in AutoZone by 1.6% during the second quarter. State Street Corp now owns 714,091 shares of the company’s stock valued at $2,650,870,000 after acquiring an additional 11,088 shares in the last quarter. Geode Capital Management LLC lifted its holdings in AutoZone by 1.9% in the second quarter. Geode Capital Management LLC now owns 444,671 shares of the company’s stock valued at $1,649,228,000 after acquiring an additional 8,187 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in AutoZone by 7.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 349,317 shares of the company’s stock worth $1,331,870,000 after purchasing an additional 24,701 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

About AutoZone

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.