Osterweis Capital Management Inc. Buys New Position in AutoZone, Inc. $AZO

Osterweis Capital Management Inc. purchased a new position in shares of AutoZone, Inc. (NYSE:AZO) in the second quarter, HoldingsChannel reports. The fund purchased 12,513 shares of the company’s stock, valued at approximately $39,991,000. AutoZone comprises about 1.9% of Osterweis Capital Management Inc.’s portfolio, making the stock its 16th largest holding.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of AutoZone in the second quarter valued at approximately $3,938,566,000. Norges Bank acquired a new position in AutoZone during the fourth quarter worth $939,205,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in AutoZone in the second quarter valued at $572,885,000. Bank of New York Mellon Corp bought a new position in AutoZone in the second quarter valued at $335,157,000. Finally, Legal & General Group Plc acquired a new stake in AutoZone in the 2nd quarter valued at $319,156,000. 92.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AZO. Evercore reissued an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Robert W. Baird decreased their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. JPMorgan Chase & Co. dropped their price objective on AutoZone from $4,300.00 to $3,850.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Finally, Barclays decreased their target price on shares of AutoZone from $3,900.00 to $3,637.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

Insider Transactions at AutoZone

In related news, VP Dennis W. Leriche sold 1,455 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. This represents a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brian Hannasch purchased 165 shares of AutoZone stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.60% of the company’s stock.

AutoZone Stock Performance

Shares of AZO opened at $3,008.32 on Tuesday. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The firm has a market cap of $49.13 billion, a P/E ratio of 20.68, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33. The firm’s 50-day simple moving average is $3,053.00 and its 200 day simple moving average is $3,324.51.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping the consensus estimate of $36.22 by $1.85. The business 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 firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $35.36 EPS. As a group, equities analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current year.

AutoZone declared that its board has initiated a share buyback program on Tuesday, June 16th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase 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.

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.