AutoZone (NYSE:AZO) Sets New 12-Month Low – What’s Next?

Shares of AutoZone, Inc. (NYSE:AZO) reached a new 52-week low on Thursday . The company traded as low as $2,920.01 and last traded at $2,933.7460, with a volume of 18017 shares traded. The stock had previously closed at $2,972.45.

Wall Street Analysts Forecast Growth

AZO has been the subject of a number of recent research reports. Robert W. Baird decreased their price target on shares of AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. BNP Paribas Exane reduced their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating on the stock in a 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 for the company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their target price on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a report on Wednesday, May 27th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Trading Up 1.0%

The firm has a market capitalization of $48.22 billion, a PE ratio of 20.31, a P/E/G ratio of 1.48 and a beta of 0.33. The company has a fifty day moving average price of $3,101.53 and a two-hundred day moving average price of $3,402.12.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $35.36 EPS. As a group, equities research analysts predict that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone announced that its Board of Directors has authorized a share buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares of the company’s stock, valued at $3,641,153. The trade was a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Trading of AutoZone

Institutional investors and hedge funds have recently bought and sold shares of the business. Tema ETFs LLC increased its stake in AutoZone by 13.9% in the second quarter. Tema ETFs LLC now owns 320 shares of the company’s stock valued at $1,023,000 after purchasing an additional 39 shares during the period. E. Ohman J or Asset Management AB raised its holdings in shares of AutoZone by 13.3% in the second quarter. E. Ohman J or Asset Management AB now owns 519 shares of the company’s stock valued at $1,659,000 after buying an additional 61 shares during the last quarter. Chesley Taft & Associates LLC raised its holdings in shares of AutoZone by 1.2% in the second quarter. Chesley Taft & Associates LLC now owns 6,569 shares of the company’s stock valued at $20,994,000 after buying an additional 78 shares during the last quarter. Czech National Bank boosted its stake in shares of AutoZone by 3.9% during the second quarter. Czech National Bank now owns 4,690 shares of the company’s stock worth $14,989,000 after buying an additional 178 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of AutoZone by 34.3% during the second quarter. Assenagon Asset Management S.A. now owns 24,458 shares of the company’s stock worth $78,166,000 after buying an additional 6,242 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.

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.