Bank of New York Mellon Corp Sells 8,537 Shares of AutoZone, Inc. $AZO

Bank of New York Mellon Corp lowered its position in shares of AutoZone, Inc. (NYSE:AZO) by 7.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,484 shares of the company’s stock after selling 8,537 shares during the quarter. Bank of New York Mellon Corp owned 0.68% of AutoZone worth $421,278,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Freestone Capital Holdings LLC raised its holdings in shares of AutoZone by 2.9% in the 2nd quarter. Freestone Capital Holdings LLC now owns 1,097 shares of the company’s stock worth $4,072,000 after purchasing an additional 31 shares during the period. Hunter Associates Investment Management LLC raised its holdings in AutoZone by 1.2% during the 2nd quarter. Hunter Associates Investment Management LLC now owns 595 shares of the company’s stock valued at $2,213,000 after acquiring an additional 7 shares during the period. Westside Investment Management Inc. grew its position in shares of AutoZone by 66.7% during the 2nd quarter. Westside Investment Management Inc. now owns 20 shares of the company’s stock valued at $74,000 after purchasing an additional 8 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in shares of AutoZone during the 2nd quarter valued at $397,000. Finally, Mission Wealth Management LP grew its position in shares of AutoZone by 10.0% during the 2nd quarter. Mission Wealth Management LP now owns 121 shares of the company’s stock valued at $449,000 after purchasing an additional 11 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Down 2.7%

NYSE:AZO opened at $3,573.51 on Tuesday. The company’s 50 day moving average price is $4,093.47 and its 200-day moving average price is $3,885.10. AutoZone, Inc. has a 52 week low of $2,981.19 and a 52 week high of $4,388.11. The stock has a market cap of $59.44 billion, a price-to-earnings ratio of 24.67, a PEG ratio of 1.75 and a beta of 0.40.

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

AutoZone declared that its board has authorized a stock buyback program on Wednesday, October 8th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares 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 related news, SVP K. Michelle Borninkhof sold 300 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $3,775.00, for a total value of $1,132,500.00. Following the sale, the senior vice president owned 416 shares in the company, valued at approximately $1,570,400. This trade represents a 41.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The stock was 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 in the company, valued at $221,148.40. This represents a 97.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 5,693 shares of company stock worth $23,259,891. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Morgan Stanley upped their target price 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. Erste Group Bank downgraded shares of AutoZone from a “buy” rating to a “hold” rating in a research note on Friday. TD Cowen upped their price objective on shares of AutoZone from $4,300.00 to $4,900.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. Cowen reaffirmed a “buy” rating on shares of AutoZone in a research note on Thursday, September 18th. Finally, Roth Capital reissued a “buy” rating and issued a $4,750.00 price target (down from $4,800.00) on shares of AutoZone in a research note on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4,544.68.

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.