AutoZone (NYSE:AZO) Reaches New 52-Week Low – Time to Sell?

Shares of AutoZone, Inc. (NYSE:AZO) reached a new 52-week low on Wednesday . The stock traded as low as $2,899.88 and last traded at $2,912.1630, with a volume of 17954 shares traded. The stock had previously closed at $2,951.61.

Analysts Set New Price Targets

AZO has been the topic of a number of research analyst reports. Piper Sandler set a $3,500.00 price target on shares of AutoZone in a report on Monday, August 31st. Weiss Ratings downgraded shares of AutoZone from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 23rd. BNP Paribas Exane cut their price objective on shares of AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Truist Financial set a $3,700.00 price objective on shares of AutoZone in a research report on Wednesday, May 27th. Finally, TD Cowen decreased their price target on shares of AutoZone from $3,700.00 to $3,500.00 and set a “buy” rating on the stock in a research note on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3,999.04.

AutoZone Stock Down 1.9%

The company has a market cap of $47.29 billion, a PE ratio of 19.93, a P/E/G ratio of 1.49 and a beta of 0.34. The business’s fifty day moving average is $3,028.16 and its 200-day moving average is $3,265.89.

AutoZone announced that its board has approved a share repurchase program on Tuesday, June 16th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other AutoZone news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the sale, the vice president owned 441 shares of the company’s stock, valued at $1,367,100. The trade was a 76.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System lifted its position in AutoZone by 320,651.9% during the second quarter. California State Teachers Retirement System now owns 79,677,980 shares of the company’s stock valued at $254,646,043,000 after purchasing an additional 79,653,139 shares during the last quarter. BlackRock Inc. purchased a new position in AutoZone in the second quarter worth about $3,938,566,000. Morgan Stanley increased its stake in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock worth $1,671,323,000 after acquiring an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in AutoZone by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock valued at $1,312,654,000 after purchasing an additional 7,390 shares during the period. Finally, Norges Bank bought a new stake in shares of AutoZone in the 4th quarter valued at approximately $939,205,000. 92.74% of the stock is owned by hedge funds and other institutional investors.

About AutoZone

AutoZone, Inc is a retailer and distributor of automotive replacement parts and accessories. The company serves do-it-yourself customers, professional repair shops and commercial customers through its stores, websites and commercial sales programs.

Its merchandise includes replacement parts, maintenance products, accessories, tools and diagnostic equipment for cars, sport utility vehicles, vans and light trucks. AutoZone also provides services such as loaning diagnostic and specialty tools, testing batteries and electrical systems, and offering parts-ordering and delivery support for professional customers.

Founded in 1979 as Auto Shack, the company is headquartered in Memphis, Tennessee.