Morse Asset Management Inc Trims Holdings in AutoZone, Inc. (NYSE:AZO)

Morse Asset Management Inc lessened its stake in AutoZone, Inc. (NYSE:AZO) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,555 shares of the company’s stock after selling 68 shares during the period. AutoZone accounts for about 1.7% of Morse Asset Management Inc’s portfolio, making the stock its 15th largest position. Morse Asset Management Inc’s holdings in AutoZone were worth $8,048,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in AZO. International Assets Investment Management LLC raised its stake in shares of AutoZone by 354,692.5% during the third quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock valued at $31,293,100,000 after acquiring an additional 993,139 shares in the last quarter. PineStone Asset Management Inc. lifted its holdings in shares of AutoZone by 137.6% in the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after buying an additional 179,543 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of AutoZone during the 2nd quarter worth $424,000. Baillie Gifford & Co. increased its stake in shares of AutoZone by 2,714.8% during the second quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock valued at $356,267,000 after buying an additional 115,924 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of AutoZone by 186.8% in the third quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock valued at $292,544,000 after acquiring an additional 60,483 shares in the last quarter. 92.74% of the stock is owned by hedge funds and other institutional investors.

AutoZone Price Performance

AZO stock opened at $3,192.44 on Wednesday. The firm’s fifty day simple moving average is $3,126.70 and its 200-day simple moving average is $3,041.13. AutoZone, Inc. has a 12 month low of $2,510.00 and a 12 month high of $3,256.37. The company has a market capitalization of $53.95 billion, a P/E ratio of 21.32, a price-to-earnings-growth ratio of 1.61 and a beta of 0.71.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing the consensus estimate of $53.31 by ($5.20). The company had revenue of $6.21 billion for the quarter, compared to analyst estimates of $6.25 billion. AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. AutoZone’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the business posted $46.46 earnings per share. As a group, sell-side analysts forecast that AutoZone, Inc. will post 158.09 earnings per share for the current year.

Insider Activity at AutoZone

In other news, VP John Scott Murphy sold 1,580 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3,107.69, for a total transaction of $4,910,150.20. Following the sale, the vice president now owns 1,218 shares of the company’s stock, valued at $3,785,166.42. This trade represents a 56.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman William C. Rhodes III sold 13,000 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the completion of the transaction, the chairman now owns 13,857 shares of the company’s stock, valued at approximately $43,055,777.55. This represents a 48.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,880 shares of company stock worth $46,225,660. 2.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup reduced their price target on shares of AutoZone from $3,787.00 to $3,500.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Roth Capital upgraded AutoZone to a “strong-buy” rating in a report on Tuesday, October 15th. The Goldman Sachs Group downgraded AutoZone from a “buy” rating to a “sell” rating and cut their price target for the company from $3,205.00 to $2,917.00 in a report on Monday, October 14th. StockNews.com cut AutoZone from a “buy” rating to a “hold” rating in a research note on Saturday, September 21st. Finally, Mizuho lifted their target price on AutoZone from $3,280.00 to $3,350.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AutoZone has a consensus rating of “Moderate Buy” and an average target price of $3,216.44.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.