AutoZone, Inc. $AZO Position Boosted by Orange Investment Advisors Inc.

Orange Investment Advisors Inc. increased its position in shares of AutoZone, Inc. (NYSE:AZO) by 28.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,726 shares of the company’s stock after acquiring an additional 609 shares during the period. Orange Investment Advisors Inc.’s holdings in AutoZone were worth $7,715,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of AZO. Assenagon Asset Management S.A. lifted its holdings in shares of AutoZone by 42,984.5% during the third quarter. Assenagon Asset Management S.A. now owns 10,537,614 shares of the company’s stock valued at $29,821,658,000 after purchasing an additional 10,513,156 shares during the last quarter. BlackRock Inc. acquired a new position in shares of AutoZone in the 2nd quarter valued at $3,938,566,000. Sound Income Strategies LLC increased its stake in AutoZone by 646,568.6% in the 3rd quarter. Sound Income Strategies LLC now owns 659,602 shares of the company’s stock worth $1,866,687,000 after purchasing an additional 659,500 shares in the last quarter. Howard Capital Management LLC increased its stake in AutoZone by 79,236.8% in the 3rd quarter. Howard Capital Management LLC now owns 385,577 shares of the company’s stock worth $1,091,191,000 after purchasing an additional 385,091 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its stake in AutoZone by 247,417.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 249,993 shares of the company’s stock worth $798,963,000 after purchasing an additional 249,892 shares in the last quarter. Institutional investors own 92.74% of the company’s stock.

AutoZone Trading Up 0.1%

Shares of AZO stock opened at $3,204.18 on Monday. AutoZone, Inc. has a 1-year low of $2,730.65 and a 1-year high of $3,996.25. The company has a market capitalization of $52.32 billion, a price-to-earnings ratio of 20.97, a P/E/G ratio of 1.49 and a beta of 0.40. The stock’s fifty day simple moving average is $2,951.22 and its 200-day simple moving average is $3,122.08.

AutoZone (NYSE:AZO) last announced its quarterly earnings data on Tuesday, September 22nd. The company reported $56.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $55.51. AutoZone had a negative return on equity of 90.08% and a net margin of 12.65%. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.70 billion. During the same period in the prior year, the business earned $48.71 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, sell-side analysts predict that AutoZone, Inc. will post 170.72 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on AZO. Citigroup cut their price objective on AutoZone from $3,700.00 to $3,450.00 and set a “buy” rating on the stock in a report on Monday, September 14th. Morgan Stanley cut shares of AutoZone from an “overweight” rating to a “market perform” rating in a report on Tuesday, September 29th. DA Davidson dropped their target price on shares of AutoZone from $3,750.00 to $3,500.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Raymond James Financial cut their price target on shares of AutoZone from $4,000.00 to $3,700.00 and set a “strong-buy” rating on the stock in a report on Wednesday, September 23rd. Finally, Piper Sandler set a $3,500.00 price target on shares of AutoZone in a research report on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3,669.12.

Insiders Place Their Bets

In other news, VP Dennis LeRiche sold 1,455 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total value of $4,510,500.00. Following the transaction, the vice president owned 441 shares in the company, valued at $1,367,100. This represents a 76.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by company insiders.

About AutoZone

AutoZone, Inc is a specialty retailer and distributor of automotive replacement parts, equipment and accessories. The company serves do-it-yourself customers, professional automotive technicians and commercial repair businesses through its retail stores, distribution network and digital platforms.

Its merchandise includes replacement batteries, brakes, filters, belts, hoses, ignition components, tools, fluids, lighting products and other maintenance items. AutoZone also offers private-label products under brands such as Duralast, as well as vehicle diagnostic services and parts delivery for commercial customers.

Founded in 1979 as Auto Shack by Pitt Hyde, the company adopted the AutoZone name in 1987.