Fairtree Asset Management Pty Ltd Makes New Investment in AutoZone, Inc. $AZO

Fairtree Asset Management Pty Ltd bought a new stake in AutoZone, Inc. (NYSE:AZO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 671 shares of the company’s stock, valued at approximately $2,144,000. AutoZone accounts for approximately 0.8% of Fairtree Asset Management Pty Ltd’s holdings, making the stock its 29th biggest position.

A number of other institutional investors have also recently made changes to their positions in AZO. Portfolio Design Labs LLC purchased a new stake in AutoZone in the 2nd quarter worth about $243,000. Advisors Capital Management LLC purchased a new stake in AutoZone during the second quarter valued at about $2,063,000. PCM Encore LLC bought a new position in AutoZone during the second quarter worth about $1,091,000. Trillium Asset Management LLC bought a new position in AutoZone during the second quarter worth about $20,047,000. Finally, Live Oak Investment Partners purchased a new position in shares of AutoZone in the second quarter worth about $431,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.

Analyst Upgrades and Downgrades

AZO has been the topic of a number of recent research reports. TD Cowen restated a “buy” rating and set a $3,700.00 price target on shares of AutoZone in a research note on Thursday, June 4th. BMO Capital Markets dropped their target price on AutoZone from $4,300.00 to $4,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Evercore reiterated an “outperform” rating on shares of AutoZone in a research report on Tuesday, May 26th. Robert W. Baird dropped their price objective on AutoZone from $3,900.00 to $3,600.00 and set a “neutral” rating on the stock in a report on Wednesday, May 27th. Finally, BNP Paribas Exane reduced their target price on AutoZone from $4,478.00 to $3,979.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, AutoZone presently has an average rating of “Moderate Buy” and a consensus price target of $4,029.43.

AutoZone Stock Performance

NYSE:AZO opened at $2,960.32 on Friday. AutoZone, Inc. has a 52-week low of $2,902.20 and a 52-week high of $4,388.11. The stock has a fifty day moving average of $3,057.93 and a 200 day moving average of $3,334.62. The firm has a market capitalization of $48.34 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 1.56 and a beta of 0.33.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share for the quarter, topping analysts’ consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 80.35% and a net margin of 12.40%.The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same period in the prior year, the company earned $35.36 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities analysts forecast that AutoZone, Inc. will post 150.39 earnings per share for the current fiscal year.

AutoZone declared that its Board of Directors has initiated a stock repurchase program on Tuesday, June 16th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Brian Hannasch bought 165 shares of the company’s stock in a transaction on Friday, May 29th. The stock was acquired at an average cost of $2,987.00 per share, for a total transaction of $492,855.00. Following the completion of the transaction, the director directly owned 1,219 shares in the company, valued at $3,641,153. This trade represents a 15.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Dennis W. Leriche sold 1,455 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $3,100.00, for a total transaction of $4,510,500.00. Following the completion of the transaction, the vice president directly owned 441 shares in the company, valued at $1,367,100. The trade was a 76.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by insiders.

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.