Short Interest in AutoZone, Inc. (NYSE:AZO) Drops By 16.0%

AutoZone, Inc. (NYSE:AZO) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 397,600 shares, a decrease of 16.0% from the August 15th total of 473,600 shares. Based on an average trading volume of 189,600 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.7% of the company’s stock are sold short.

A number of research firms have recently weighed in on AZO. UBS Group upped their price objective on AutoZone from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Cfra reaffirmed a “strong-buy” rating and set a $1,275.00 price objective (up previously from $1,250.00) on shares of AutoZone in a research report on Tuesday, May 26th. JPMorgan Chase & Co. increased their target price on AutoZone from $1,190.00 to $1,265.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. Morgan Stanley increased their target price on AutoZone from $1,140.00 to $1,505.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Nomura increased their target price on AutoZone from $1,210.00 to $1,290.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. AutoZone has an average rating of “Buy” and an average price target of $1,268.00.

In other news, VP Philip B. Daniele sold 176 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $1,100.21, for a total transaction of $193,636.96. Following the sale, the vice president now owns 247 shares of the company’s stock, valued at $271,751.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dakota Wealth Management boosted its stake in AutoZone by 28.8% in the second quarter. Dakota Wealth Management now owns 1,264 shares of the company’s stock valued at $1,426,000 after acquiring an additional 283 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of AutoZone during the second quarter worth about $1,467,000. Federated Hermes Inc. boosted its stake in shares of AutoZone by 14.3% during the second quarter. Federated Hermes Inc. now owns 19,489 shares of the company’s stock worth $21,986,000 after buying an additional 2,438 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of AutoZone by 17.6% during the first quarter. The Manufacturers Life Insurance Company now owns 26,353 shares of the company’s stock worth $22,295,000 after buying an additional 3,950 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of AutoZone by 7.1% during the second quarter. Diversified Trust Co now owns 3,057 shares of the company’s stock worth $3,449,000 after buying an additional 202 shares during the period. Institutional investors own 88.62% of the company’s stock.

NYSE AZO traded down $18.84 during trading hours on Friday, hitting $1,205.28. The company had a trading volume of 362,577 shares, compared to its average volume of 259,866. AutoZone has a 1-year low of $684.91 and a 1-year high of $1,274.41. The company has a market cap of $28.15 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.88 and a beta of 0.92. The business has a 50 day moving average of $1,206.11 and a 200-day moving average of $1,084.04.

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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