AutoZone (NYSE:AZO) Sets New 12-Month High – What’s Next?

AutoZone, Inc. (NYSE:AZO)’s stock price hit a new 52-week high on Friday . The stock traded as high as $3,276.26 and last traded at $3,267.28, with a volume of 29744 shares changing hands. The stock had previously closed at $3,190.07.

Wall Street Analyst Weigh In

AZO has been the topic of a number of recent research reports. StockNews.com downgraded shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Saturday, September 21st. Morgan Stanley boosted their price objective on shares of AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. BNP Paribas upgraded shares of AutoZone to a “strong-buy” rating in a research report on Wednesday, September 25th. Roth Capital upgraded shares of AutoZone to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Roth Mkm reiterated a “buy” rating and set a $3,634.00 price objective on shares of AutoZone in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3,216.44.

AutoZone Price Performance

The company has a market capitalization of $55.29 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 1.61 and a beta of 0.71. The stock’s 50 day simple moving average is $3,128.29 and its 200-day simple moving average is $3,043.20.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. The firm had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the company posted $46.46 earnings per share. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. On average, equities analysts predict that AutoZone, Inc. will post 158.09 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently bought and sold shares of AZO. International Assets Investment Management LLC increased its position in AutoZone by 354,692.5% during the 3rd quarter. International Assets Investment Management LLC now owns 993,419 shares of the company’s stock worth $31,293,100,000 after purchasing an additional 993,139 shares in the last quarter. PineStone Asset Management Inc. increased its position in AutoZone by 137.6% during the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after purchasing an additional 179,543 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in AutoZone during the 2nd quarter worth about $424,000. Baillie Gifford & Co. increased its position in AutoZone by 2,714.8% during the 2nd quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after purchasing an additional 115,924 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in AutoZone by 186.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 92,870 shares of the company’s stock worth $292,544,000 after buying an additional 60,483 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

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.