Icon Advisers Inc. Co. lowered its stake in shares of AutoZone, Inc. (NYSE:AZO) by 14.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,214 shares of the company’s stock after selling 1,076 shares during the period. Icon Advisers Inc. Co.’s holdings in AutoZone were worth $4,820,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the business. Tyers Asset Management LLC lifted its stake in shares of AutoZone by 3.1% in the 2nd quarter. Tyers Asset Management LLC now owns 2,640 shares of the company’s stock valued at $1,771,000 after purchasing an additional 80 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of AutoZone by 1.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,429 shares of the company’s stock valued at $2,970,000 after purchasing an additional 81 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of AutoZone by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 4,718 shares of the company’s stock valued at $3,165,000 after purchasing an additional 93 shares during the last quarter. Gyroscope Capital Management Group LLC lifted its stake in shares of AutoZone by 15.2% in the 3rd quarter. Gyroscope Capital Management Group LLC now owns 706 shares of the company’s stock valued at $545,000 after purchasing an additional 93 shares during the last quarter. Finally, Ledyard National Bank lifted its stake in shares of AutoZone by 62.5% in the 2nd quarter. Ledyard National Bank now owns 260 shares of the company’s stock valued at $174,000 after purchasing an additional 100 shares during the last quarter. 94.56% of the stock is owned by institutional investors.
Several research firms recently issued reports on AZO. Morgan Stanley lifted their price objective on shares of AutoZone from $760.00 to $800.00 and gave the company an “equal weight” rating in a research note on Tuesday. Zacks Investment Research raised shares of AutoZone from a “hold” rating to a “buy” rating and set a $860.00 price objective for the company in a research note on Tuesday, August 28th. Wedbush reaffirmed an “outperform” rating and issued a $770.00 price objective on shares of AutoZone in a research note on Friday, July 20th. Royal Bank of Canada reduced their price objective on shares of AutoZone from $779.00 to $775.00 and set a “sector perform” rating for the company in a research note on Wednesday, September 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of AutoZone to $880.00 and gave the company an “overweight” rating in a research note on Wednesday, September 19th. Eight equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $790.65.
In related news, insider Rodney C. Halsell sold 5,387 shares of AutoZone stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $751.21, for a total value of $4,046,768.27. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the completion of the transaction, the director now owns 8,268 shares in the company, valued at approximately $6,177,436.20. The disclosure for this sale can be found here. Insiders sold a total of 60,487 shares of company stock worth $46,667,608 in the last quarter. Insiders own 2.80% of the company’s stock.
Shares of AZO opened at $781.02 on Wednesday. The firm has a market capitalization of $19.44 billion, a P/E ratio of 15.51, a PEG ratio of 1.06 and a beta of 0.89. AutoZone, Inc. has a one year low of $588.56 and a one year high of $797.89.
AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 18th. The company reported $18.54 EPS for the quarter, topping the consensus estimate of $17.92 by $0.62. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.60 billion. AutoZone had a net margin of 11.92% and a negative return on equity of 99.70%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $15.27 EPS. On average, analysts expect that AutoZone, Inc. will post 58.41 earnings per share for the current fiscal year.
AutoZone declared that its Board of Directors has approved a stock repurchase program on Wednesday, September 26th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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AutoZone, Inc retails and distributes automotive replacement parts and accessories. It offers 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. The company's products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, thermostats, starters and alternators, and water pumps.
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