Summit Asset Management LLC Decreases Holdings in AutoZone, Inc. (NYSE:AZO)

Summit Asset Management LLC reduced its stake in AutoZone, Inc. (NYSE:AZO) by 2.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,517 shares of the company’s stock after selling 67 shares during the period. AutoZone comprises 1.5% of Summit Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding. Summit Asset Management LLC’s holdings in AutoZone were worth $7,929,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new stake in shares of AutoZone in the third quarter valued at $36,000. Meeder Asset Management Inc. increased its holdings in AutoZone by 50.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 15 shares of the company’s stock worth $44,000 after acquiring an additional 5 shares during the last quarter. Carolina Wealth Advisors LLC bought a new stake in AutoZone in the 3rd quarter valued at about $47,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in AutoZone during the second quarter valued at about $50,000. Finally, ORG Partners LLC bought a new position in AutoZone during the second quarter worth about $50,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analysts Set New Price Targets

AZO has been the topic of several research reports. Roth Mkm reissued a “buy” rating and issued a $3,634.00 price target on shares of AutoZone in a research report on Wednesday, October 16th. UBS Group increased their target price on AutoZone from $3,340.00 to $3,500.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Morgan Stanley raised their price target on AutoZone from $3,038.00 to $3,125.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Mizuho increased their price objective on AutoZone from $3,280.00 to $3,350.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. Finally, Truist Financial lifted their target price on AutoZone from $3,341.00 to $3,501.00 and gave the company a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $3,202.71.

AutoZone Stock Down 0.4 %

NYSE AZO opened at $3,161.87 on Thursday. The stock’s 50-day simple moving average is $3,112.53 and its two-hundred day simple moving average is $3,021.55. AutoZone, Inc. has a twelve month low of $2,510.00 and a twelve month high of $3,256.37. The company has a market capitalization of $53.44 billion, a price-to-earnings ratio of 21.12, a PEG ratio of 1.61 and a beta of 0.71.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share for the quarter, missing analysts’ consensus estimates of $53.31 by ($5.20). AutoZone had a negative return on equity of 52.99% and a net margin of 14.40%. The firm had revenue of $6.21 billion during the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the previous year, the firm earned $46.46 EPS. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. On average, equities analysts expect that AutoZone, Inc. will post 158.09 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman William C. Rhodes III sold 300 shares of AutoZone stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $3,075.20, for a total value of $922,560.00. Following the transaction, the chairman now owns 13,857 shares in the company, valued at $42,613,046.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman William C. Rhodes III sold 13,000 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $3,107.15, for a total transaction of $40,392,950.00. Following the completion of the sale, the chairman now directly owns 13,857 shares in the company, valued at $43,055,777.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman William C. Rhodes III sold 300 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $3,075.20, for a total transaction of $922,560.00. Following the completion of the sale, the chairman now directly owns 13,857 shares in the company, valued at approximately $42,613,046.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,880 shares of company stock valued at $46,225,660. Corporate insiders own 2.10% of the company’s stock.

AutoZone Company Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides 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.