Summit Asset Management LLC Invests $6.54 Million in AutoZone, Inc. $AZO

Summit Asset Management LLC bought a new stake in AutoZone, Inc. (NYSE:AZO) during the second quarter, Holdings Channel reports. The institutional investor bought 2,046 shares of the company’s stock, valued at approximately $6,539,000. AutoZone comprises 0.8% of Summit Asset Management LLC’s holdings, making the stock its 11th largest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in AutoZone by 14.4% during the 4th quarter. Brighton Jones LLC now owns 111 shares of the company’s stock worth $356,000 after purchasing an additional 14 shares during the period. Sivia Capital Partners LLC acquired a new position in AutoZone in the second quarter valued at $356,000. Guggenheim Capital LLC increased its stake in AutoZone by 3.8% in the second quarter. Guggenheim Capital LLC now owns 248 shares of the company’s stock valued at $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC raised its holdings in shares of AutoZone by 8.9% in the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company’s stock valued at $5,110,000 after buying an additional 112 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in shares of AutoZone by 52.3% in the second quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company’s stock valued at $43,667,000 after buying an additional 4,039 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other AutoZone news, Director Brian Hannasch acquired 165 shares of the stock in a transaction 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 owned 1,219 shares of the company’s stock, valued at $3,641,153. This trade represents a 15.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dennis W. Leriche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the completion of the sale, the vice president directly owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AZO. Raymond James Financial reiterated a “strong-buy” rating on shares of AutoZone in a research note on Wednesday, May 27th. BMO Capital Markets dropped their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Citigroup reduced their price objective on AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Morgan Stanley decreased their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. Finally, Roth Capital lowered their target price on AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note 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 given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4,029.43.

AutoZone Stock Performance

AZO stock opened at $3,026.92 on Friday. AutoZone, Inc. has a one year low of $2,902.20 and a one year high of $4,388.11. The stock has a market capitalization of $49.43 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.54 and a beta of 0.33. The company has a fifty day moving average of $3,063.49 and a 200-day moving average of $3,357.72.

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

AutoZone declared that its Board of Directors has authorized a share buyback program on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.