Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in AutoZone, Inc. $AZO

Connor Clark & Lunn Investment Management Ltd. boosted its position in AutoZone, Inc. (NYSE:AZO) by 61.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,245 shares of the company’s stock after purchasing an additional 2,384 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in AutoZone were worth $26,793,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. grew its stake in AutoZone by 8.3% in the 2nd quarter. Avantax Advisory Services Inc. now owns 2,742 shares of the company’s stock worth $10,179,000 after acquiring an additional 210 shares during the period. Braun Stacey Associates Inc. raised its holdings in AutoZone by 7.8% in the 3rd quarter. Braun Stacey Associates Inc. now owns 8,425 shares of the company’s stock valued at $36,145,000 after acquiring an additional 613 shares during the last quarter. Summit Global Investments lifted its stake in shares of AutoZone by 132.8% during the 3rd quarter. Summit Global Investments now owns 319 shares of the company’s stock worth $1,369,000 after purchasing an additional 182 shares during the period. Foundations Investment Advisors LLC acquired a new stake in shares of AutoZone during the third quarter worth $678,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of AutoZone by 68.2% during the third quarter. Exchange Traded Concepts LLC now owns 1,457 shares of the company’s stock worth $6,251,000 after purchasing an additional 591 shares during the last quarter. 92.74% of the stock is currently owned by hedge funds and other institutional investors.

AutoZone Trading Down 2.7%

Shares of AutoZone stock opened at $3,612.86 on Friday. The business’s fifty day moving average price is $3,644.59 and its 200 day moving average price is $3,809.00. AutoZone, Inc. has a twelve month low of $3,210.72 and a twelve month high of $4,388.11. The stock has a market capitalization of $59.87 billion, a P/E ratio of 25.31, a PEG ratio of 1.90 and a beta of 0.41.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, March 3rd. The company reported $27.63 EPS for the quarter, topping the consensus estimate of $27.59 by $0.04. The company had revenue of $4.27 billion during the quarter, compared to analyst estimates of $4.31 billion. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $28.29 earnings per share. As a group, sell-side analysts predict that AutoZone, Inc. will post 152.94 EPS for the current year.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 250 shares of AutoZone stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $3,295.00, for a total transaction of $823,750.00. Following the transaction, the director directly owned 4,887 shares of the company’s stock, valued at $16,102,665. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brian Hannasch acquired 147 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were acquired at an average price of $3,393.09 per share, with a total value of $498,784.23. Following the completion of the purchase, the director owned 962 shares of the company’s stock, valued at $3,264,152.58. This trade represents a 18.04% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 9,447 shares of company stock worth $34,179,923. Company insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on AZO shares. JPMorgan Chase & Co. upped their target price on AutoZone from $4,100.00 to $4,300.00 and gave the company an “overweight” rating in a research note on Thursday, February 26th. DA Davidson set a $4,300.00 price target on AutoZone in a research note on Thursday, March 5th. Mizuho lifted their price target on AutoZone from $3,550.00 to $3,600.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Evercore increased their price objective on shares of AutoZone from $4,100.00 to $4,125.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Finally, Zacks Research raised shares of AutoZone from a “strong sell” rating to a “hold” rating in a research report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4,318.38.

AutoZone Company Profile

AutoZone, Inc (NYSE: AZO) is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.