AutoZone, Inc. $AZO Stake Increased by SummitTX Capital L.P.

SummitTX Capital L.P. boosted its stake in AutoZone, Inc. (NYSE:AZO) by 1,411.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,297 shares of the company’s stock after acquiring an additional 2,145 shares during the period. SummitTX Capital L.P.’s holdings in AutoZone were worth $7,759,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in AZO. Norges Bank bought a new position in shares of AutoZone during the fourth quarter worth about $939,205,000. Morgan Stanley raised its stake in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in AutoZone by 387.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company’s stock worth $263,832,000 after buying an additional 61,821 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of AutoZone by 39.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company’s stock worth $584,730,000 after acquiring an additional 50,071 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of AutoZone by 80.8% in the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company’s stock valued at $432,059,000 after acquiring an additional 45,212 shares during the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AutoZone

In other news, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at approximately $3,641,153. The trade was a 15.65% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by company insiders.

AutoZone Trading Down 0.1%

NYSE AZO opened at $2,953.62 on Monday. The company has a 50-day moving average price of $3,101.53 and a two-hundred day moving average price of $3,403.06. AutoZone, Inc. has a 52 week low of $2,902.20 and a 52 week high of $4,388.11. The stock has a market cap of $48.23 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 1.50 and a beta of 0.33.

AutoZone (NYSE:AZO) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The company had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the previous year, the company posted $35.36 earnings per share. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities research analysts expect that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its board has approved a share repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

AZO has been the subject of a number of research reports. TD Cowen reaffirmed a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a report on Thursday, June 4th. Weiss Ratings lowered shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday, May 27th. Roth Capital cut their target price on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of AutoZone in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $4,040.87.

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.