Korea Investment CORP Cuts Position in AutoZone, Inc. $AZO

Korea Investment CORP decreased its holdings in AutoZone, Inc. (NYSE:AZO) by 4.7% in the third quarter, HoldingsChannel.com reports. The firm owned 14,578 shares of the company’s stock after selling 719 shares during the quarter. Korea Investment CORP’s holdings in AutoZone were worth $62,543,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AZO. Avantax Advisory Services Inc. lifted its position in shares of AutoZone by 8.3% during the 2nd quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock valued at $10,179,000 after buying an additional 210 shares in the last quarter. Braun Stacey Associates Inc. increased its holdings in AutoZone by 7.8% in the 3rd quarter. Braun Stacey Associates Inc. now owns 8,425 shares of the company’s stock worth $36,145,000 after acquiring an additional 613 shares in the last quarter. Summit Global Investments increased its holdings in AutoZone by 132.8% in the 3rd quarter. Summit Global Investments now owns 319 shares of the company’s stock worth $1,369,000 after acquiring an additional 182 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in AutoZone during the third quarter worth $678,000. Finally, Exchange Traded Concepts LLC raised its position in AutoZone by 68.2% during the third quarter. Exchange Traded Concepts LLC now owns 1,457 shares of the company’s stock worth $6,251,000 after acquiring an additional 591 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Buying and Selling

In related news, 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 cost of $3,393.09 per share, for a total transaction of $498,784.23. Following the completion of the transaction, the director directly owned 962 shares in the company, valued at approximately $3,264,152.58. The trade was a 18.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael A. George purchased 145 shares of AutoZone stock in a transaction dated Monday, December 22nd. The stock was bought at an average cost of $3,398.13 per share, for a total transaction of $492,728.85. Following the completion of the purchase, the director directly owned 566 shares in the company, valued at approximately $1,923,341.58. This trade represents a 34.44% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have acquired 347 shares of company stock valued at $1,179,256 and have sold 9,447 shares valued at $34,179,923. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Down 2.7%

NYSE:AZO opened at $3,641.03 on Monday. AutoZone, Inc. has a 52 week low of $3,210.72 and a 52 week high of $4,388.11. The stock’s fifty day moving average is $3,621.83 and its two-hundred day moving average is $3,816.86. The company has a market capitalization of $60.32 billion, a P/E ratio of 25.51, a P/E/G ratio of 1.86 and a beta of 0.41.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 earnings per share for the quarter, topping analysts’ consensus estimates of $27.59 by $0.04. The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business posted $28.29 EPS. Sell-side analysts anticipate that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of AutoZone from $4,274.00 to $4,345.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Wells Fargo & Company reduced their price target on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating for the company in a research report on Wednesday, December 10th. Citigroup raised their price target on shares of AutoZone from $4,200.00 to $4,300.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Wolfe Research cut AutoZone from an “outperform” rating to a “peer perform” rating in a report on Tuesday, December 16th. Finally, Mizuho increased their target price on AutoZone from $3,550.00 to $3,600.00 and gave the company a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and an average target price of $4,311.57.

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.