Summit Global Investments Sells 279 Shares of AutoZone, Inc. $AZO

Summit Global Investments decreased its stake in shares of AutoZone, Inc. (NYSE:AZO) by 30.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 634 shares of the company’s stock after selling 279 shares during the quarter. Summit Global Investments’ holdings in AutoZone were worth $2,142,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Turning Point Benefit Group Inc. bought a new position in shares of AutoZone in the third quarter valued at $25,000. Torren Management LLC bought a new stake in AutoZone during the fourth quarter worth $27,000. Transamerica Financial Advisors LLC raised its position in AutoZone by 100.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after acquiring an additional 4 shares in the last quarter. MCF Advisors LLC lifted its stake in AutoZone by 50.0% in the fourth quarter. MCF Advisors LLC now owns 9 shares of the company’s stock valued at $31,000 after acquiring an additional 3 shares during the last quarter. Finally, Bard Associates Inc. bought a new position in shares of AutoZone in the 4th quarter valued at about $31,000. Institutional investors own 92.74% of the company’s stock.

Insider Transactions at AutoZone

In other news, Director Brian Hannasch acquired 165 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2,987.00 per share, with a total value of $492,855.00. Following the acquisition, the director directly owned 1,219 shares in the company, valued at $3,641,153. This represents a 15.65% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Roth Capital lowered their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. BMO Capital Markets reduced their price target on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. TD Cowen reissued a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research report on Thursday, June 4th. DA Davidson dropped their price objective on AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, Morgan Stanley cut their price objective on AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and an average price target of $4,040.87.

AutoZone Stock Performance

Shares of AZO stock opened at $2,990.69 on Tuesday. The company has a market capitalization of $48.84 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 1.55 and a beta of 0.33. The company has a 50-day simple moving average of $3,133.81 and a 200 day simple moving average of $3,413.59. AutoZone, Inc. has a 52 week low of $2,928.11 and a 52 week high of $4,388.11.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, beating analysts’ consensus estimates of $36.22 by $1.85. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $35.36 EPS. Sell-side analysts forecast that AutoZone, Inc. will post 150.51 EPS for the current year.

AutoZone declared that its board has approved a stock buyback plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.