AutoZone (NYSE:AZO) Downgraded by ValuEngine to Hold

ValuEngine downgraded shares of AutoZone (NYSE:AZO) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, ValuEngine reports.

A number of other research firms have also recently commented on AZO. Wedbush reiterated an outperform rating and set a $1,100.00 target price (up previously from $1,030.00) on shares of AutoZone in a research report on Wednesday, May 22nd. Goldman Sachs Group started coverage on AutoZone in a research report on Thursday, July 11th. They set a neutral rating and a $1,183.00 target price on the stock. Citigroup lifted their target price on AutoZone from $1,206.00 to $1,234.00 and gave the stock a buy rating in a research report on Wednesday, May 22nd. Zacks Investment Research upgraded AutoZone from a hold rating to a buy rating and set a $1,156.00 target price on the stock in a research report on Friday, June 7th. Finally, CIBC upgraded AutoZone from a market perform rating to an outperform rating in a research report on Friday, June 28th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $1,061.25.

AZO opened at $1,088.66 on Tuesday. The business’s 50-day moving average price is $1,129.70. AutoZone has a one year low of $705.01 and a one year high of $1,186.60. The firm has a market capitalization of $26.55 billion, a PE ratio of 21.63, a P/E/G ratio of 1.42 and a beta of 0.65.

AutoZone (NYSE:AZO) last posted its earnings results on Tuesday, May 21st. The company reported $15.99 EPS for the quarter, topping the Zacks’ consensus estimate of $15.23 by $0.76. AutoZone had a negative return on equity of 97.19% and a net margin of 12.70%. The business had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the firm earned $13.42 earnings per share. The business’s revenue was up 4.6% compared to the same quarter last year. As a group, equities research analysts predict that AutoZone will post 62.51 earnings per share for the current year.

In related news, VP Charles Pleas III sold 9,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $1,050.40, for a total value of $9,453,600.00. Following the transaction, the vice president now owns 13,365 shares in the company, valued at approximately $14,038,596. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William R. Hackney sold 2,497 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $1,038.47, for a total value of $2,593,059.59. Following the completion of the transaction, the insider now owns 3,279 shares in the company, valued at approximately $3,405,143.13. The disclosure for this sale can be found here. Insiders sold a total of 32,907 shares of company stock worth $35,293,228 in the last 90 days. 2.80% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of AZO. Investec Asset Management LTD increased its position in AutoZone by 157.0% in the 2nd quarter. Investec Asset Management LTD now owns 648,507 shares of the company’s stock valued at $271,780,000 after acquiring an additional 396,216 shares during the period. Boston Partners purchased a new stake in AutoZone in the 1st quarter valued at approximately $177,272,000. Bank of Montreal Can boosted its holdings in AutoZone by 136.1% in the 2nd quarter. Bank of Montreal Can now owns 261,742 shares of the company’s stock valued at $287,776,000 after purchasing an additional 150,870 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in AutoZone by 245.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 179,462 shares of the company’s stock valued at $183,791,000 after purchasing an additional 127,544 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its holdings in AutoZone by 3,069.7% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 129,418 shares of the company’s stock valued at $142,291,000 after purchasing an additional 125,335 shares in the last quarter. Hedge funds and other institutional investors own 94.28% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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