AutoZone (NYSE:AZO) Reaches New 12-Month High on Better-Than-Expected Earnings

Shares of AutoZone, Inc. (NYSE:AZO) hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $1,274.41 and last traded at $1,273.30, with a volume of 122603 shares trading hands. The stock had previously closed at $1,169.00.

The company reported $14.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $13.86 by $0.44. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. AutoZone had a net margin of 13.63% and a negative return on equity of 98.67%. The company’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $13.47 earnings per share.

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price target on shares of AutoZone from $1,050.00 to $1,100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Royal Bank of Canada upped their price target on shares of AutoZone from $1,091.00 to $1,097.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 25th. Citigroup upped their price target on shares of AutoZone from $1,357.00 to $1,363.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Raymond James assumed coverage on shares of AutoZone in a research report on Monday, October 7th. They issued an “outperform” rating and a $1,250.00 price target for the company. Finally, Wolfe Research upgraded shares of AutoZone from an “underperform” rating to a “market perform” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. AutoZone currently has a consensus rating of “Buy” and an average price target of $1,169.07.

Large investors have recently modified their holdings of the stock. Aperio Group LLC lifted its position in AutoZone by 24.6% during the second quarter. Aperio Group LLC now owns 36,776 shares of the company’s stock valued at $40,434,000 after purchasing an additional 7,252 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in AutoZone by 9.1% during the second quarter. UBS Asset Management Americas Inc. now owns 110,967 shares of the company’s stock valued at $122,005,000 after purchasing an additional 9,269 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new position in AutoZone during the third quarter valued at $49,000. Bank of Montreal Can lifted its position in AutoZone by 136.1% during the second quarter. Bank of Montreal Can now owns 261,742 shares of the company’s stock valued at $287,776,000 after purchasing an additional 150,870 shares during the last quarter. Finally, Carlson Capital L P lifted its position in AutoZone by 10.4% during the second quarter. Carlson Capital L P now owns 15,182 shares of the company’s stock valued at $16,692,000 after purchasing an additional 1,431 shares during the last quarter. Hedge funds and other institutional investors own 93.64% of the company’s stock.

The company’s 50-day simple moving average is $1,160.40 and its 200 day simple moving average is $1,120.01. The firm has a market cap of $27.94 billion, a P/E ratio of 19.71, a price-to-earnings-growth ratio of 1.65 and a beta of 0.62.

AutoZone Company Profile (NYSE:AZO)

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.

See Also: Municipal Bonds

Receive News & Ratings for AutoZone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone and related companies with MarketBeat.com's FREE daily email newsletter.