Renaissance Group LLC Sells 18 Shares of AutoZone, Inc. $AZO

Renaissance Group LLC lessened its holdings in AutoZone, Inc. (NYSE:AZO) by 12.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 129 shares of the company’s stock after selling 18 shares during the quarter. Renaissance Group LLC’s holdings in AutoZone were worth $479,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AZO. AlphaCore Capital LLC acquired a new stake in AutoZone in the first quarter valued at about $27,000. Saudi Central Bank bought a new position in shares of AutoZone in the first quarter worth about $27,000. Aspect Partners LLC boosted its stake in shares of AutoZone by 700.0% in the 2nd quarter. Aspect Partners LLC now owns 8 shares of the company’s stock valued at $30,000 after purchasing an additional 7 shares in the last quarter. Bank of Jackson Hole Trust acquired a new stake in shares of AutoZone in the 2nd quarter valued at approximately $33,000. Finally, NewSquare Capital LLC grew its holdings in shares of AutoZone by 50.0% during the 2nd quarter. NewSquare Capital LLC now owns 9 shares of the company’s stock valued at $33,000 after purchasing an additional 3 shares during the last quarter. Institutional investors and hedge funds own 92.74% of the company’s stock.

Insider Activity

In related news, VP John Scott Murphy sold 2,860 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $4,175.70, for a total transaction of $11,942,502.00. Following the transaction, the vice president directly owned 1,244 shares of the company’s stock, valued at $5,194,570.80. This represents a 69.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip B. Daniele sold 2,533 shares of the firm’s stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $4,020.88, for a total value of $10,184,889.04. Following the completion of the sale, the chief executive officer directly owned 55 shares of the company’s stock, valued at $221,148.40. This trade represents a 97.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 5,693 shares of company stock worth $23,259,891 in the last quarter. 2.60% of the stock is owned by corporate insiders.

AutoZone Stock Performance

Shares of NYSE AZO opened at $3,804.83 on Thursday. The company’s 50 day moving average price is $3,984.93 and its 200-day moving average price is $3,892.09. AutoZone, Inc. has a 52-week low of $3,036.40 and a 52-week high of $4,388.11. The company has a market capitalization of $63.29 billion, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 1.75 and a beta of 0.37.

AutoZone (NYSE:AZO) last announced its earnings results on Tuesday, September 23rd. The company reported $48.71 earnings per share for the quarter, missing analysts’ consensus estimates of $50.52 by ($1.81). The firm had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $6.26 billion. AutoZone had a negative return on equity of 60.49% and a net margin of 13.19%.AutoZone’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $51.58 EPS. Analysts forecast that AutoZone, Inc. will post 152.94 earnings per share for the current year.

AutoZone announced that its board has initiated a share repurchase program on Wednesday, October 8th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AZO shares. Roth Capital restated a “buy” rating and issued a $4,750.00 target price (down previously from $4,800.00) on shares of AutoZone in a research report on Thursday, September 25th. DA Davidson set a $4,850.00 price objective on AutoZone in a report on Thursday, November 6th. Guggenheim boosted their price objective on AutoZone from $4,100.00 to $4,600.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Wells Fargo & Company dropped their target price on AutoZone from $4,800.00 to $4,700.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Finally, The Goldman Sachs Group raised AutoZone from a “neutral” rating to a “buy” rating and lifted their price target for the company from $4,090.00 to $4,262.00 in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4,547.56.

About AutoZone

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.