AutoZone (NYSE:AZO) issued its quarterly earnings data on Tuesday. The company reported $13.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.21 by $1.26, Morningstar.com reports. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. AutoZone had a negative return on equity of 102.31% and a net margin of 12.49%. AutoZone’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $10.00 earnings per share.
Shares of NYSE:AZO opened at $880.07 on Thursday. The firm has a market capitalization of $22.49 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89. AutoZone has a 52 week low of $590.76 and a 52 week high of $894.37.
Several equities analysts recently issued reports on AZO shares. Bank of America cut AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 price objective for the company. in a report on Monday, September 17th. Wells Fargo & Co raised their price target on AutoZone from $800.00 to $850.00 and gave the stock a “positive” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Royal Bank of Canada dropped their price target on AutoZone from $779.00 to $775.00 and set a “sector perform” rating for the company in a research report on Wednesday, September 19th. Zacks Investment Research raised AutoZone from a “hold” rating to a “buy” rating and set a $860.00 price target for the company in a research report on Tuesday, August 28th. Finally, JPMorgan Chase & Co. raised their price target on AutoZone to $880.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 19th. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. AutoZone presently has a consensus rating of “Buy” and a consensus price target of $839.71.
In other news, insider Rodney C. Halsell sold 5,387 shares of AutoZone stock in a transaction on Friday, November 2nd. The stock was 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 Securities & Exchange Commission, which is available at this link. Also, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $747.15, for a total value of $2,241,450.00. Following the completion of the sale, the director now directly owns 8,268 shares of the company’s stock, valued at approximately $6,177,436.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,487 shares of company stock valued at $46,667,608. Company insiders own 2.80% of the company’s stock.
Large investors have recently made changes to their positions in the company. Massey Quick Simon & CO. LLC grew its position in shares of AutoZone by 222.4% in the third quarter. Massey Quick Simon & CO. LLC now owns 187 shares of the company’s stock valued at $145,000 after purchasing an additional 129 shares during the period. Bronfman E.L. Rothschild L.P. grew its position in shares of AutoZone by 197.5% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 235 shares of the company’s stock valued at $158,000 after purchasing an additional 156 shares during the period. ELM Advisors LLC purchased a new stake in shares of AutoZone in the third quarter valued at $163,000. Flagship Harbor Advisors LLC purchased a new stake in shares of AutoZone in the second quarter valued at $173,000. Finally, Paragon Capital Management Ltd purchased a new stake in shares of AutoZone in the second quarter valued at $201,000. 92.10% of the stock is owned by institutional investors and hedge funds.
AutoZone announced that its Board of Directors has approved a share buyback plan on Wednesday, September 26th that allows the company to repurchase $1.25 billion in shares. This repurchase authorization allows the company to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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AutoZone Inc retails and distributes automotive replacement parts and accessories. The company 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. Its 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, starters and alternators, thermostats, and water pumps.
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