Morse Asset Management Inc Takes $3.04 Million Position in AutoZone, Inc. (NYSE:AZO)

Morse Asset Management Inc acquired a new stake in AutoZone, Inc. (NYSE:AZO) in the second quarter, Holdings Channel.com reports. The fund acquired 2,769 shares of the company’s stock, valued at approximately $3,044,000. AutoZone makes up approximately 0.9% of Morse Asset Management Inc’s portfolio, making the stock its 29th largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of AZO. Keybank National Association OH lifted its holdings in shares of AutoZone by 6.7% in the 2nd quarter. Keybank National Association OH now owns 304 shares of the company’s stock valued at $334,000 after purchasing an additional 19 shares during the last quarter. Pendal Group Ltd increased its position in AutoZone by 31.4% in the 2nd quarter. Pendal Group Ltd now owns 946 shares of the company’s stock valued at $1,040,000 after acquiring an additional 226 shares during the period. Westpac Banking Corp increased its position in AutoZone by 0.5% in the 2nd quarter. Westpac Banking Corp now owns 2,839 shares of the company’s stock valued at $3,121,000 after acquiring an additional 14 shares during the period. Wedbush Securities Inc. acquired a new position in AutoZone in the 2nd quarter valued at about $244,000. Finally, Stevens Capital Management LP acquired a new position in AutoZone in the 2nd quarter valued at about $7,470,000. 95.92% of the stock is owned by institutional investors and hedge funds.

In other AutoZone news, insider Richard Craig Smith sold 2,800 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1,120.00, for a total transaction of $3,136,000.00. Following the transaction, the insider now owns 5,800 shares of the company’s stock, valued at approximately $6,496,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Domingo Hurtado sold 1,050 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $1,132.52, for a total value of $1,189,146.00. Following the transaction, the insider now directly owns 1,050 shares in the company, valued at approximately $1,189,146. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,907 shares of company stock worth $35,293,228. 2.80% of the stock is owned by corporate insiders.

Several brokerages recently issued reports on AZO. JPMorgan Chase & Co. boosted their price target on AutoZone from $995.00 to $1,126.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Oppenheimer upgraded AutoZone from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $900.00 to $1,225.00 in a research report on Friday, June 28th. Wedbush reiterated an “outperform” rating and set a $1,100.00 target price (up previously from $1,030.00) on shares of AutoZone in a research report on Wednesday, May 22nd. Citigroup boosted their target price on AutoZone from $1,206.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Finally, ValuEngine cut AutoZone from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $1,061.25.

AZO stock traded up $8.74 on Tuesday, reaching $1,081.40. The company had a trading volume of 22,143 shares, compared to its average volume of 231,830. AutoZone, Inc. has a 1 year low of $705.01 and a 1 year high of $1,186.60. The firm’s fifty day moving average price is $1,127.52. The company has a market capitalization of $26.70 billion, a P/E ratio of 21.45, a P/E/G ratio of 1.43 and a beta of 0.65.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 21st. The company reported $15.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $15.23 by $0.76. AutoZone had a negative return on equity of 97.19% and a net margin of 12.70%. The firm had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the prior year, the company earned $13.42 EPS. AutoZone’s revenue was up 4.6% on a year-over-year basis. As a group, research analysts anticipate that AutoZone, Inc. will post 62.51 EPS for the current fiscal year.

AutoZone Profile

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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Institutional Ownership by Quarter for AutoZone (NYSE:AZO)

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