OP Asset Management Ltd Purchases Shares of 1,698 AutoZone, Inc. $AZO

OP Asset Management Ltd acquired a new stake in AutoZone, Inc. (NYSE:AZO) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 1,698 shares of the company’s stock, valued at approximately $5,735,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Morgan Stanley lifted its stake in AutoZone by 17.8% in the 4th quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after purchasing an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after buying an additional 7,390 shares during the last quarter. Norges Bank acquired a new position in AutoZone during the fourth quarter worth approximately $939,205,000. PineStone Asset Management Inc. raised its stake in AutoZone by 1.5% in the fourth quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock valued at $912,900,000 after buying an additional 3,868 shares during the period. Finally, First Manhattan CO. LLC. raised its stake in AutoZone by 2.7% in the fourth quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after buying an additional 6,765 shares during the period. 92.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Argus upgraded AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 target price for the company in a research note on Monday, March 9th. Barclays increased their price target on AutoZone from $3,800.00 to $3,900.00 and gave the company an “overweight” rating in a research note on Wednesday, March 4th. Robert W. Baird reduced their price objective on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. The Goldman Sachs Group decreased their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, BMO Capital Markets dropped their price objective on shares of AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus target price of $4,040.87.

AutoZone Price Performance

Shares of NYSE AZO opened at $3,127.52 on Friday. The firm has a market cap of $51.07 billion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 1.55 and a beta of 0.35. The stock’s fifty day moving average price is $3,288.33 and its two-hundred day moving average price is $3,456.61. AutoZone, Inc. has a one year low of $2,928.11 and a one year high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $35.36 earnings per share. On average, equities analysts anticipate that AutoZone, Inc. will post 150.51 earnings per share for the current fiscal year.

AutoZone declared that its board has approved a share buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the transaction, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian Hannasch purchased 165 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. This represents a 15.65% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by company insiders.

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.