Clio Asset Management LLC Cuts Stock Position in AutoZone, Inc. $AZO

Clio Asset Management LLC reduced its position in AutoZone, Inc. (NYSE:AZO) by 29.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,658 shares of the company’s stock after selling 1,098 shares during the quarter. AutoZone accounts for approximately 7.5% of Clio Asset Management LLC’s holdings, making the stock its 6th biggest holding. Clio Asset Management LLC’s holdings in AutoZone were worth $8,978,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AZO. Morgan Stanley grew its stake in shares of AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company’s stock valued at $1,671,323,000 after buying an additional 74,555 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of AutoZone by 1.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 387,042 shares of the company’s stock worth $1,312,654,000 after buying an additional 7,390 shares during the period. Norges Bank bought a new stake in shares of AutoZone during the 4th quarter worth approximately $939,205,000. PineStone Asset Management Inc. lifted its stake in shares of AutoZone by 1.5% during the 4th quarter. PineStone Asset Management Inc. now owns 269,173 shares of the company’s stock worth $912,900,000 after acquiring an additional 3,868 shares during the last quarter. Finally, First Manhattan CO. LLC. boosted its holdings in AutoZone by 2.7% during the 4th quarter. First Manhattan CO. LLC. now owns 261,314 shares of the company’s stock valued at $886,246,000 after acquiring an additional 6,765 shares during the period. Institutional investors own 92.74% of the company’s stock.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,059.55 on Friday. AutoZone, Inc. has a 52-week low of $2,928.11 and a 52-week high of $4,388.11. The firm has a market capitalization of $49.96 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 1.57 and a beta of 0.35. The stock has a 50 day moving average price of $3,296.67 and a 200 day moving average price of $3,458.93.

AutoZone (NYSE:AZO) last released its quarterly earnings data on Tuesday, May 26th. The company reported $38.07 EPS for the quarter, topping the consensus estimate of $36.22 by $1.85. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.86 billion. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.AutoZone’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business posted $35.36 EPS. Analysts forecast that AutoZone, Inc. will post 150.51 earnings per share for the current year.

AutoZone declared that its board has initiated a share buyback plan on Tuesday, June 16th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Earl G. Graves, Jr. sold 50 shares of the company’s stock in a transaction dated 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 directly owned 4,837 shares of the company’s stock, valued at $16,826,568.64. This represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the acquisition, the director owned 1,219 shares in the company, valued at $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 currently owned by corporate insiders.

Analyst Ratings Changes

AZO has been the topic of several research analyst reports. Argus raised AutoZone from a “hold” rating to a “buy” rating and set a $4,325.00 price objective on the stock in a research report on Monday, March 9th. Oppenheimer reiterated an “outperform” rating and set a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. Morgan Stanley lowered their target price on shares of AutoZone from $4,020.00 to $3,605.00 and set an “overweight” rating for the company in a research note on Wednesday, May 27th. Citigroup cut their price target on shares of AutoZone from $4,300.00 to $3,700.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, DA Davidson reduced their price target on shares of AutoZone from $4,300.00 to $3,750.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $4,040.87.

AutoZone Company Profile

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.