AutoZone (NYSE:AZO) Stock Rating Upgraded by Zacks Research

AutoZone (NYSE:AZO) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also recently issued reports on AZO. Morgan Stanley upped their price objective on shares of AutoZone from $4,000.00 to $4,700.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. UBS Group lowered their price target on shares of AutoZone from $4,925.00 to $4,800.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Jefferies Financial Group raised their price objective on AutoZone from $4,255.00 to $4,750.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Raymond James Financial reduced their price objective on AutoZone from $4,900.00 to $4,800.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, September 24th. Finally, Erste Group Bank downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $4,547.56.

AutoZone Stock Performance

Shares of AutoZone stock traded up $7.48 during trading on Monday, reaching $3,955.55. 9,673 shares of the company’s stock were exchanged, compared to its average volume of 129,599. AutoZone has a 1-year low of $3,124.74 and a 1-year high of $4,388.11. The company has a market cap of $65.79 billion, a P/E ratio of 27.34, a PEG ratio of 1.75 and a beta of 0.37. The firm’s 50-day moving average price is $3,953.43 and its 200 day moving average price is $3,897.95.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). The business had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a net margin of 13.19% and a negative return on equity of 60.49%. The business’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $51.58 EPS. As a group, equities research analysts predict that AutoZone will post 152.94 EPS for the current year.

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

Insider Transactions at AutoZone

In other news, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total transaction of $10,184,889.04. Following the completion of the sale, the chief executive officer owned 55 shares of the company’s stock, valued at $221,148.40. This trade represents a 97.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP K. Michelle Borninkhof sold 300 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the transaction, the senior vice president owned 416 shares in the company, valued at $1,570,400. This represents a 41.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,693 shares of company stock worth $23,259,891 over the last three months. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AZO. Turning Point Benefit Group Inc. bought a new position in shares of AutoZone in the 3rd quarter worth $25,000. Raleigh Capital Management Inc. acquired a new position in AutoZone during the third quarter worth $26,000. AlphaCore Capital LLC bought a new position in shares of AutoZone in the first quarter valued at $27,000. Saudi Central Bank acquired a new position in shares of AutoZone during the first quarter valued at about $27,000. Finally, Aspect Partners LLC increased its position in shares of AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after acquiring an additional 7 shares in the last quarter. 92.74% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.