AutoZone (NYSE:AZO) Lifted to “Buy” at ValuEngine

AutoZone (NYSE:AZO) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, February 4th.

Other equities research analysts also recently issued reports about the stock. Barclays reiterated a “buy” rating and set a $950.00 target price on shares of AutoZone in a research report on Wednesday, December 5th. Credit Suisse Group set a $854.00 target price on shares of AutoZone and gave the stock a “hold” rating in a research report on Tuesday, December 4th. Zacks Investment Research upgraded shares of AutoZone from a “hold” rating to a “buy” rating and set a $975.00 target price on the stock in a research report on Monday, December 10th. Morgan Stanley lifted their target price on shares of AutoZone from $800.00 to $870.00 in a research report on Thursday, December 27th. Finally, Argus lifted their target price on shares of AutoZone from $818.00 to $940.00 and gave the stock a “buy” rating in a research report on Thursday, December 6th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $922.20.

Shares of AZO traded down $9.65 during mid-day trading on Monday, reaching $929.32. The company had a trading volume of 465,676 shares, compared to its average volume of 280,038. AutoZone has a 1-year low of $590.76 and a 1-year high of $964.39. The company has a market cap of $22.98 billion, a P/E ratio of 18.46, a PEG ratio of 1.27 and a beta of 0.68.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, February 26th. The company reported $11.49 earnings per share for the quarter, beating analysts’ consensus estimates of $9.98 by $1.51. AutoZone had a net margin of 12.49% and a negative return on equity of 102.31%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same period last year, the company posted $8.47 EPS. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, equities analysts predict that AutoZone will post 60.76 earnings per share for the current fiscal year.

In other news, insider William R. Hackney sold 5,700 shares of the business’s stock in a transaction that occurred on Friday, December 7th. The shares were sold at an average price of $870.00, for a total value of $4,959,000.00. Following the transaction, the insider now owns 3,998 shares in the company, valued at approximately $3,478,260. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William T. Giles sold 13,500 shares of the business’s stock in a transaction that occurred on Thursday, December 6th. The stock was sold at an average price of $870.11, for a total transaction of $11,746,485.00. Following the completion of the transaction, the vice president now owns 13,119 shares in the company, valued at approximately $11,414,973.09. The disclosure for this sale can be found here. Insiders sold a total of 49,680 shares of company stock worth $42,852,837 in the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AZO. Bank of Montreal Can increased its stake in shares of AutoZone by 47.5% in the 3rd quarter. Bank of Montreal Can now owns 103,222 shares of the company’s stock valued at $80,070,000 after acquiring an additional 33,226 shares in the last quarter. State Treasurer State of Michigan increased its stake in shares of AutoZone by 413.3% in the 4th quarter. State Treasurer State of Michigan now owns 40,364 shares of the company’s stock valued at $33,839,000 after acquiring an additional 32,500 shares in the last quarter. Polianta Ltd bought a new stake in shares of AutoZone in the 4th quarter valued at $1,173,000. Nippon Life Global Investors Americas Inc. bought a new stake in shares of AutoZone in the 4th quarter valued at $2,691,000. Finally, IFM Investors Pty Ltd increased its stake in shares of AutoZone by 13.3% in the 3rd quarter. IFM Investors Pty Ltd now owns 1,446 shares of the company’s stock valued at $1,122,000 after acquiring an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 94.83% 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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Analyst Recommendations for AutoZone (NYSE:AZO)

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