Summit Global Investments Has $2.14 Million Stake in AutoZone, Inc. $AZO

Summit Global Investments reduced its stake in AutoZone, Inc. (NYSE:AZO) by 30.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 634 shares of the company’s stock after selling 279 shares during the quarter. Summit Global Investments’ holdings in AutoZone were worth $2,142,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. acquired a new position in AutoZone in the 3rd quarter valued at $25,000. Torren Management LLC bought a new stake in shares of AutoZone during the 4th quarter valued at $27,000. Transamerica Financial Advisors LLC grew its holdings in shares of AutoZone by 100.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares in the last quarter. MCF Advisors LLC increased its position in shares of AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares during the period. Finally, Bard Associates Inc. bought a new position in shares of AutoZone in the fourth quarter worth $31,000. Institutional investors own 92.74% of the company’s stock.

Insider Activity

In other news, Director Brian Hannasch acquired 165 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following 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 filing with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

AutoZone Trading Down 1.8%

AZO stock opened at $2,990.69 on Tuesday. The firm has a 50-day moving average price of $3,133.81 and a 200-day moving average price of $3,413.59. AutoZone, Inc. has a 12 month low of $2,928.11 and a 12 month high of $4,388.11. The stock has a market capitalization of $48.84 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 1.55 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $35.36 EPS. As a group, equities analysts predict that AutoZone, Inc. will post 150.51 EPS for the current fiscal year.

AutoZone declared that its board has initiated a stock buyback plan on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

AZO has been the subject of several recent analyst reports. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. DA Davidson decreased their target price on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Roth Capital dropped their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Jefferies Financial Group cut their price target on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Truist Financial set a $3,700.00 price target on shares of AutoZone in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,040.87.

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.