First Manhattan CO. LLC. Has $886.25 Million Position in AutoZone, Inc. $AZO

First Manhattan CO. LLC. raised its holdings in shares of AutoZone, Inc. (NYSE:AZO) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 261,314 shares of the company’s stock after buying an additional 6,765 shares during the period. AutoZone comprises approximately 2.3% of First Manhattan CO. LLC.’s investment portfolio, making the stock its 7th biggest position. First Manhattan CO. LLC.’s holdings in AutoZone were worth $886,246,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Turning Point Benefit Group Inc. acquired a new position in AutoZone in the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new position in AutoZone in the 4th quarter worth approximately $27,000. Transamerica Financial Advisors LLC boosted its stake in AutoZone by 100.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 8 shares of the company’s stock worth $28,000 after purchasing an additional 4 shares during the period. MCF Advisors LLC boosted its stake in AutoZone by 50.0% in the 4th quarter. MCF Advisors LLC now owns 9 shares of the company’s stock worth $31,000 after purchasing an additional 3 shares during the period. Finally, Bard Associates Inc. acquired a new position in AutoZone in the 4th quarter worth approximately $31,000. 92.74% of the stock is currently owned by institutional investors.

AutoZone Stock Down 2.2%

AZO stock opened at $3,058.27 on Thursday. AutoZone, Inc. has a 12-month low of $2,928.11 and a 12-month high of $4,388.11. The company has a market cap of $49.94 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 1.59 and a beta of 0.35. The company has a 50 day moving average of $3,348.30 and a two-hundred day moving average of $3,493.73.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a net margin of 12.40% and a negative return on equity of 80.35%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the firm earned $35.36 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. On average, research analysts anticipate that AutoZone, Inc. will post 150.45 EPS for the current year.

AutoZone announced that its board has initiated a stock repurchase plan on Tuesday, June 16th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total value of $173,936.00. Following the completion of the sale, the director owned 4,837 shares in the company, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hannasch bought 165 shares of the business’s stock in a transaction on Friday, May 29th. The stock was bought at an average price of $2,987.00 per share, with a total value of $492,855.00. Following the transaction, the director owned 1,219 shares in the company, valued at approximately $3,641,153. This represents a 15.65% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Evercore reaffirmed an “outperform” rating on shares of AutoZone in a research note on Tuesday, May 26th. TD Cowen reaffirmed a “buy” rating and issued a $3,700.00 price objective on shares of AutoZone in a research note on Thursday, June 4th. Roth Mkm decreased their price objective on shares of AutoZone from $4,526.00 to $4,023.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research note on Wednesday, May 27th. Finally, Guggenheim decreased their price objective on shares of AutoZone from $4,400.00 to $4,000.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. One equities 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $4,040.87.

About AutoZone

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.