Sompo Japan Nipponkoa Asset Management CO. LTD. reduced its position in AutoZone, Inc. (NYSE:AZO) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,325 shares of the company’s stock after selling 325 shares during the period. AutoZone makes up approximately 1.7% of Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings, making the stock its 20th largest holding. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in AutoZone were worth $8,009,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC lifted its stake in shares of AutoZone by 2,573.9% in the 3rd quarter. Gryphon Financial Partners LLC now owns 615 shares of the company’s stock valued at $477,000 after purchasing an additional 592 shares in the last quarter. Achmea Investment Management B.V. lifted its stake in shares of AutoZone by 92.6% in the 3rd quarter. Achmea Investment Management B.V. now owns 2,279 shares of the company’s stock valued at $1,767,000 after purchasing an additional 1,096 shares in the last quarter. Regal Investment Advisors LLC acquired a new position in shares of AutoZone in the 3rd quarter valued at about $2,155,000. Janney Montgomery Scott LLC lifted its stake in shares of AutoZone by 14.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 876 shares of the company’s stock valued at $680,000 after purchasing an additional 110 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of AutoZone by 353.8% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 6,362 shares of the company’s stock valued at $4,935,000 after purchasing an additional 4,960 shares in the last quarter. 94.56% of the stock is currently owned by institutional investors and hedge funds.
AutoZone stock opened at $795.99 on Friday. The company has a market cap of $19.96 billion, a P/E ratio of 15.84, a P/E/G ratio of 1.09 and a beta of 0.89. AutoZone, Inc. has a one year low of $588.56 and a one year high of $802.22.
AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, September 18th. The company reported $18.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $17.92 by $0.62. AutoZone had a negative return on equity of 99.70% and a net margin of 11.92%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the previous year, the business earned $15.27 EPS. AutoZone’s revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts predict that AutoZone, Inc. will post 58.43 earnings per share for the current fiscal year.
AutoZone announced that its board has initiated a stock repurchase program on Wednesday, September 26th that allows the company to buyback $1.25 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other AutoZone news, Chairman William C. Rhodes III sold 23,700 shares of AutoZone stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $780.06, for a total transaction of $18,487,422.00. Following the sale, the chairman now directly owns 37,918 shares in the company, valued at approximately $29,578,315.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Charles Pleas III sold 9,500 shares of AutoZone stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $759.85, for a total value of $7,218,575.00. Following the sale, the vice president now owns 13,862 shares in the company, valued at $10,533,040.70. The disclosure for this sale can be found here. Insiders have sold a total of 60,487 shares of company stock worth $46,667,608 over the last 90 days. 2.80% of the stock is owned by company insiders.
AZO has been the topic of several research analyst reports. Bank of America lowered AutoZone from a “buy” rating to a “neutral” rating and set a $830.00 price objective on the stock. in a research note on Monday, September 17th. Wells Fargo & Co lifted their price objective on AutoZone from $800.00 to $850.00 and gave the company a “positive” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Royal Bank of Canada reduced their price objective on AutoZone from $779.00 to $775.00 and set a “sector perform” rating on the stock in a research note on Wednesday, September 19th. Zacks Investment Research raised AutoZone from a “hold” rating to a “buy” rating and set a $860.00 price objective on the stock in a research note on Tuesday, August 28th. Finally, JPMorgan Chase & Co. boosted their price target on AutoZone to $880.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 19th. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $790.65.
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AutoZone Company Profile
AutoZone, Inc retails and distributes automotive replacement parts and accessories. It 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. The company's 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, thermostats, starters and alternators, and water pumps.
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