Northcoast Research Comments on AutoZone, Inc.’s Q2 2020 Earnings (NYSE:AZO)

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AutoZone, Inc. (NYSE:AZO) – Equities research analysts at Northcoast Research lowered their Q2 2020 EPS estimates for AutoZone in a research report issued to clients and investors on Thursday, December 12th. Northcoast Research analyst T. Vierengel now expects that the company will earn $11.65 per share for the quarter, down from their previous estimate of $12.00. Northcoast Research also issued estimates for AutoZone’s Q3 2020 earnings at $16.58 EPS, Q1 2021 earnings at $15.78 EPS, Q2 2021 earnings at $12.64 EPS, Q3 2021 earnings at $18.07 EPS, Q4 2021 earnings at $24.33 EPS and FY2021 earnings at $70.72 EPS.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 10th. The company reported $14.30 earnings per share for the quarter, beating analysts’ consensus estimates of $13.74 by $0.56. AutoZone had a negative return on equity of 96.86% and a net margin of 13.45%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $13.47 earnings per share. AutoZone’s revenue was up 5.7% on a year-over-year basis.

A number of other research analysts also recently weighed in on the company. Wedbush reissued an “outperform” rating and issued a $1,375.00 target price (up previously from $1,240.00) on shares of AutoZone in a report on Wednesday. Wells Fargo & Co increased their target price on AutoZone from $1,300.00 to $1,400.00 and gave the company an “overweight” rating in a report on Wednesday. Credit Suisse Group reissued an “outperform” rating and issued a $1,350.00 target price (up previously from $1,275.00) on shares of AutoZone in a report on Wednesday. UBS Group reissued a “buy” rating on shares of AutoZone in a report on Wednesday. Finally, Morgan Stanley reissued an “equal weight” rating on shares of AutoZone in a report on Wednesday. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $1,237.07.

AZO stock opened at $1,230.92 on Friday. AutoZone has a fifty-two week low of $798.41 and a fifty-two week high of $1,274.41. The business’s 50-day moving average is $1,165.72 and its two-hundred day moving average is $1,121.98. The company has a market cap of $29.66 billion, a price-to-earnings ratio of 19.41, a P/E/G ratio of 1.69 and a beta of 0.62.

Institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners grew its position in shares of AutoZone by 150.3% during the second quarter. Boston Partners now owns 433,268 shares of the company’s stock worth $476,624,000 after purchasing an additional 260,171 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of AutoZone by 614.8% during the second quarter. Nuveen Asset Management LLC now owns 195,179 shares of the company’s stock worth $214,593,000 after purchasing an additional 167,873 shares in the last quarter. Bank of Montreal Can grew its position in shares of AutoZone by 136.1% during the second quarter. Bank of Montreal Can now owns 261,742 shares of the company’s stock worth $287,776,000 after purchasing an additional 150,870 shares in the last quarter. BlackRock Inc. grew its position in shares of AutoZone by 7.6% during the second quarter. BlackRock Inc. now owns 2,063,593 shares of the company’s stock worth $2,268,859,000 after purchasing an additional 146,643 shares in the last quarter. Finally, APG Asset Management N.V. grew its position in shares of AutoZone by 28.0% during the second quarter. APG Asset Management N.V. now owns 299,990 shares of the company’s stock worth $289,629,000 after purchasing an additional 65,700 shares in the last quarter. Institutional investors and hedge funds own 93.64% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

Further Reading: Bollinger Bands

Earnings History and Estimates for AutoZone (NYSE:AZO)

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