AutoZone, Inc. $AZO Position Cut by Paradigm Asset Management Co. LLC

Paradigm Asset Management Co. LLC lowered its position in shares of AutoZone, Inc. (NYSE:AZO) by 57.1% in the 2nd quarter, Holdings Channel reports. The fund owned 300 shares of the company’s stock after selling 400 shares during the period. Paradigm Asset Management Co. LLC’s holdings in AutoZone were worth $1,114,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of AZO. Banco Santander S.A. grew its position in AutoZone by 98.3% in the 1st quarter. Banco Santander S.A. now owns 829 shares of the company’s stock valued at $3,161,000 after buying an additional 411 shares in the last quarter. Quarry LP lifted its stake in shares of AutoZone by 266.7% in the 1st quarter. Quarry LP now owns 165 shares of the company’s stock worth $629,000 after acquiring an additional 120 shares during the period. Night Squared LP bought a new position in shares of AutoZone in the first quarter valued at approximately $2,860,000. Asset Advisors Investment Management LLC boosted its holdings in shares of AutoZone by 11.8% in the first quarter. Asset Advisors Investment Management LLC now owns 2,069 shares of the company’s stock valued at $7,889,000 after acquiring an additional 218 shares in the last quarter. Finally, Fortem Financial Group LLC increased its stake in shares of AutoZone by 22.5% during the first quarter. Fortem Financial Group LLC now owns 462 shares of the company’s stock valued at $1,762,000 after acquiring an additional 85 shares during the period. 92.74% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AZO shares. Gabelli reiterated a “buy” rating on shares of AutoZone in a research report on Thursday. Weiss Ratings restated a “buy (b-)” rating on shares of AutoZone in a research report on Wednesday, October 8th. Truist Financial lowered their price objective on shares of AutoZone from $4,504.00 to $4,499.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Roth Capital reissued a “buy” rating and set a $4,750.00 target price (down from $4,800.00) on shares of AutoZone in a research note on Thursday, September 25th. Finally, The Goldman Sachs Group raised their target price on shares of AutoZone from $3,894.00 to $4,090.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $4,544.68.

Insider Activity

In related news, CEO Philip B. Daniele sold 2,533 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the sale, the chief executive officer owned 55 shares of the company’s stock, valued at approximately $221,148.40. The trade was a 97.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP K. Michelle Borninkhof sold 300 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the transaction, the senior vice president owned 416 shares in the company, valued at $1,570,400. This represents a 41.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,693 shares of company stock worth $23,259,891 in the last three months. 2.60% of the stock is owned by insiders.

AutoZone Stock Performance

AutoZone stock opened at $3,715.69 on Friday. The company has a 50 day moving average price of $4,052.26 and a 200 day moving average price of $3,883.62. AutoZone, Inc. has a 52 week low of $3,036.40 and a 52 week high of $4,388.11. The firm has a market capitalization of $61.80 billion, a price-to-earnings ratio of 25.65, a P/E/G ratio of 1.75 and a beta of 0.37.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the previous year, the company earned $51.58 EPS. AutoZone’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current fiscal year.

AutoZone announced that its Board of Directors has initiated a share buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

AutoZone 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.