AutoZone (AZO) Announces Quarterly Earnings Results, Beats Estimates By $1.26 EPS

AutoZone (NYSE:AZO) posted its quarterly earnings results on Tuesday. The company reported $13.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.21 by $1.26, Morningstar.com reports. AutoZone had a negative return on equity of 99.70% and a net margin of 11.92%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the company earned $10.00 EPS. AutoZone’s revenue for the quarter was up 2.0% compared to the same quarter last year.

Shares of AZO stock opened at $870.00 on Tuesday. The company has a market capitalization of $20.68 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.14 and a beta of 0.89. AutoZone has a fifty-two week low of $590.76 and a fifty-two week high of $842.10.

AutoZone announced that its Board of Directors has authorized a share buyback program on Wednesday, September 26th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Several equities analysts recently issued reports on the company. Deutsche Bank set a $940.00 price target on AutoZone and gave the stock a “buy” rating in a research report on Monday, November 26th. Citigroup raised their price target on AutoZone from $850.00 to $985.00 and gave the stock a “buy” rating in a research report on Monday. Credit Suisse Group set a $854.00 price target on AutoZone and gave the stock a “buy” rating in a research report on Wednesday, November 28th. Morgan Stanley raised their price target on AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 6th. Finally, Stephens upgraded AutoZone from an “equal weight” rating to an “overweight” rating and set a $875.00 price target on the stock in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $815.01.

In related news, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $747.15, for a total transaction of $2,241,450.00. Following the sale, the director now directly owns 8,268 shares in the company, valued at $6,177,436.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William C. Rhodes III sold 23,700 shares of AutoZone stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $780.06, for a total value of $18,487,422.00. Following the sale, the chairman now owns 37,918 shares in the company, valued at $29,578,315.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,487 shares of company stock worth $46,667,608. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AZO. American Century Companies Inc. bought a new stake in shares of AutoZone during the second quarter valued at approximately $120,225,000. Morgan Stanley boosted its position in shares of AutoZone by 435.3% during the second quarter. Morgan Stanley now owns 156,439 shares of the company’s stock valued at $104,960,000 after purchasing an additional 127,214 shares in the last quarter. Renaissance Technologies LLC raised its stake in AutoZone by 3,482.1% during the third quarter. Renaissance Technologies LLC now owns 100,300 shares of the company’s stock valued at $77,803,000 after buying an additional 97,500 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in AutoZone during the second quarter valued at $61,390,000. Finally, JPMorgan Chase & Co. raised its stake in AutoZone by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 2,034,551 shares of the company’s stock valued at $1,578,202,000 after buying an additional 84,961 shares during the last quarter. Institutional investors own 92.10% of the company’s stock.

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About AutoZone

AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

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Earnings History for AutoZone (NYSE:AZO)

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