Spire Wealth Management Reduces Stake in AutoZone, Inc. $AZO

Spire Wealth Management cut its stake in AutoZone, Inc. (NYSE:AZO) by 92.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41 shares of the company’s stock after selling 471 shares during the quarter. Spire Wealth Management’s holdings in AutoZone were worth $176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Aspect Partners LLC increased its position in AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after purchasing an additional 7 shares during the last quarter. Bank of Jackson Hole Trust acquired a new position in AutoZone in the 2nd quarter valued at about $33,000. NewSquare Capital LLC grew its stake in shares of AutoZone by 50.0% in the 2nd quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after buying an additional 3 shares during the period. Loomis Sayles & Co. L P acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $33,000. Finally, Salomon & Ludwin LLC purchased a new stake in shares of AutoZone during the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Trading Up 3.0%

AZO stock opened at $3,523.14 on Tuesday. The business’s fifty day moving average price is $3,616.95 and its 200 day moving average price is $3,857.74. AutoZone, Inc. has a 12-month low of $3,162.00 and a 12-month high of $4,388.11. The company has a market capitalization of $58.38 billion, a PE ratio of 24.57, a P/E/G ratio of 1.63 and a beta of 0.42.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $32.52 earnings per share. Research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 8th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other AutoZone news, SVP K. Michelle Borninkhof sold 300 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the completion of the transaction, the senior vice president owned 416 shares of the company’s stock, valued at $1,570,400. This trade represents a 41.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Earl G. Graves, Jr. sold 250 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the completion of the transaction, the director owned 4,887 shares of the company’s stock, valued at approximately $16,102,665. This trade represents a 4.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have bought 347 shares of company stock valued at $1,179,256 and have sold 3,180 shares valued at $12,465,312. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AZO has been the subject of several analyst reports. DA Davidson lowered their price objective on AutoZone from $4,850.00 to $4,500.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Wolfe Research lowered AutoZone from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, December 16th. Gabelli reiterated a “buy” rating on shares of AutoZone in a report on Thursday, November 6th. Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. Finally, Citigroup decreased their target price on shares of AutoZone from $4,775.00 to $4,200.00 and set a “buy” rating on the stock in a research report on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $4,310.12.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.