Nippon Life Global Investors Americas Inc. Decreases Stake in AutoZone, Inc. $AZO

Nippon Life Global Investors Americas Inc. trimmed its holdings in AutoZone, Inc. (NYSE:AZO) by 19.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,310 shares of the company’s stock after selling 560 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in AutoZone were worth $9,910,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in AZO. Aspect Partners LLC increased its stake in shares of AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock worth $30,000 after acquiring an additional 7 shares during the last quarter. Global Trust Asset Management LLC raised its stake in AutoZone by 600.0% during the third quarter. Global Trust Asset Management LLC now owns 7 shares of the company’s stock worth $30,000 after purchasing an additional 6 shares during the period. Bank of Jackson Hole Trust acquired a new position in AutoZone in the 2nd quarter valued at about $33,000. NewSquare Capital LLC grew its stake in shares of AutoZone by 50.0% in the 2nd quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after buying an additional 3 shares during the period. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of AutoZone during the 2nd quarter worth approximately $33,000. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AutoZone news, Director Brian Hannasch purchased 147 shares of AutoZone stock in a transaction that occurred on Thursday, December 18th. The stock was purchased at an average price of $3,393.09 per share, for a total transaction of $498,784.23. Following the transaction, the director directly owned 962 shares in the company, valued at $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP K. Michelle Borninkhof sold 300 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $3,775.00, for a total transaction of $1,132,500.00. Following the transaction, the senior vice president directly owned 416 shares in the company, valued at $1,570,400. The trade was a 41.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders acquired 347 shares of company stock worth $1,179,256 and sold 647 shares worth $2,280,423. Insiders own 2.60% of the company’s stock.

AutoZone Trading Up 1.6%

Shares of NYSE:AZO opened at $3,520.15 on Friday. The firm has a 50 day simple moving average of $3,601.54 and a 200-day simple moving average of $3,851.21. The company has a market capitalization of $58.32 billion, a PE ratio of 24.55, a P/E/G ratio of 1.68 and a beta of 0.42. AutoZone, Inc. has a twelve month low of $3,202.13 and a twelve month high of $4,388.11.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, December 9th. The company reported $31.04 earnings per share for the quarter, missing the consensus estimate of $32.69 by ($1.65). The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.64 billion. AutoZone had a net margin of 12.78% and a negative return on equity of 65.38%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $32.52 earnings per share. As a group, equities research analysts predict that AutoZone, Inc. will post 152.94 EPS for the current fiscal year.

AutoZone announced that its board has authorized a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AZO shares. Barclays set a $3,880.00 price objective on AutoZone in a report on Thursday, January 8th. Robert W. Baird began coverage on AutoZone in a research note on Wednesday, December 3rd. They set an “outperform” rating and a $4,500.00 target price on the stock. The Goldman Sachs Group dropped their target price on AutoZone from $4,262.00 to $4,234.00 and set a “buy” rating for the company in a research report on Wednesday, December 10th. Wells Fargo & Company cut their price target on shares of AutoZone from $4,700.00 to $4,500.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 10th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of AutoZone from $4,850.00 to $4,100.00 and set an “overweight” rating for the company in a research note on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4,264.12.

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.