Summit Global Investments Sells 234 Shares of AutoZone, Inc. $AZO

Summit Global Investments lowered its position in shares of AutoZone, Inc. (NYSE:AZO) by 44.0% in the third quarter, Holdings Channel.com reports. The fund owned 298 shares of the company’s stock after selling 234 shares during the quarter. Summit Global Investments’ holdings in AutoZone were worth $843,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AZO. Benchmark Investment Advisors LLC acquired a new stake in AutoZone during the 2nd quarter worth $713,000. CYBER HORNET ETFs LLC raised its position in shares of AutoZone by 33,193.5% in the second quarter. CYBER HORNET ETFs LLC now owns 15,315 shares of the company’s stock valued at $48,946,000 after buying an additional 15,269 shares during the last quarter. Nykredit A S purchased a new position in shares of AutoZone in the second quarter worth about $27,287,000. Bank of America Corp DE purchased a new position in shares of AutoZone in the second quarter worth about $233,576,000. Finally, Engineers Gate Manager LP boosted its position in AutoZone by 923.1% during the second quarter. Engineers Gate Manager LP now owns 1,238 shares of the company’s stock worth $3,957,000 after acquiring an additional 1,117 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company’s stock.

AutoZone Stock Up 2.6%

Shares of AZO opened at $3,253.66 on Tuesday. The stock has a 50 day moving average price of $2,970.68 and a 200 day moving average price of $3,260.00. AutoZone, Inc. has a 52-week low of $2,730.65 and a 52-week high of $3,996.25. The company has a market capitalization of $52.36 billion, a price-to-earnings ratio of 21.29, a price-to-earnings-growth ratio of 1.63 and a beta of 0.40.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, September 22nd. The company reported $56.05 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $55.51. AutoZone had a net margin of 12.65% and a negative return on equity of 90.08%. The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.70 billion. During the same period last year, the firm posted $48.71 EPS. The company’s revenue was up 5.6% on a year-over-year basis. On average, equities analysts anticipate that AutoZone, Inc. will post 170.30 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AZO shares. Evercore reissued an “outperform” rating on shares of AutoZone in a research note on Wednesday, September 23rd. Robert W. Baird reduced their target price on AutoZone from $3,600.00 to $3,400.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 23rd. The Goldman Sachs Group reduced their price target on shares of AutoZone from $4,096.00 to $3,917.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. Citigroup decreased their target price on AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating on the stock in a research note on Monday, September 14th. Finally, Sanford C. Bernstein initiated coverage on shares of AutoZone in a research report on Tuesday, September 29th. They issued an “outperform” rating and a $3,698.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3,674.36.

Insider Activity

In other news, VP Dennis LeRiche sold 1,455 shares of AutoZone stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the sale, the vice president owned 441 shares in the company, valued at approximately $1,367,100. The trade was a 76.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

AutoZone Profile

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.