FinArc Investments Inc. Buys Shares of 861 AutoZone, Inc. $AZO

FinArc Investments Inc. bought a new position in shares of AutoZone, Inc. (NYSE:AZO) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 861 shares of the company’s stock, valued at approximately $2,908,000. AutoZone makes up about 2.8% of FinArc Investments Inc.’s investment portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in AZO. Norges Bank purchased a new position in shares of AutoZone in the 4th quarter valued at about $939,205,000. Morgan Stanley boosted its holdings in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in AutoZone by 387.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in AutoZone by 39.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after buying an additional 50,071 shares during the period. Finally, AQR Capital Management LLC grew its position in AutoZone by 80.8% during the third quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock worth $432,059,000 after buying an additional 45,212 shares during the period. 92.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price target 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. lowered their price target 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. Mizuho dropped their price objective on AutoZone from $3,600.00 to $3,200.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on AutoZone in a report on Wednesday, May 27th. Finally, BNP Paribas Exane dropped their price target on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4,040.87.

Insider Buying and Selling at AutoZone

In related news, Director Brian Hannasch purchased 165 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was bought 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 directly owned 1,219 shares in the company, valued at $3,641,153. The trade was a 15.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

AutoZone Price Performance

Shares of AZO opened at $3,013.79 on Friday. The firm has a 50 day simple moving average of $3,077.23 and a 200-day simple moving average of $3,396.38. AutoZone, Inc. has a 1-year low of $2,902.20 and a 1-year high of $4,388.11. The stock has a market cap of $49.20 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 1.60 and a beta of 0.33.

AutoZone (NYSE:AZO) last issued its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the firm posted $35.36 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

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

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.