AutoZone Inc. (NYSE:AZO) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $840.00 price objective on the stock, up from their previous price objective of $820.00. Morgan Stanley’s price objective would suggest a potential upside of 10.69% from the company’s previous close.
The analysts wrote, “Besides these potential top-line drivers, AZO’s valuation is undemanding, tradingat~16.5x’17e EPS and ~11x EBITDA, which is attractive relative to the business’ low-DD EPS and HSD EBITDA growth. Near-term expectations have been appropriately set with management’s characterization of Q4’s sales pickup as ‘modest.'”The brokerage is not worried much about slowing commercial sales and e-commerce concerns, as top-line growth would outweigh the risk factors. The analyst pointed out that the “change in the seven-year-old vehicle cohort”
A number of other equities research analysts also recently issued reports on AZO. BTIG Research initiated coverage on shares of AutoZone in a research note on Wednesday, June 1st. They set a “buy” rating and a $900.00 price objective on the stock. Argus reiterated a “buy” rating and set a $875.00 price objective on shares of AutoZone in a research note on Sunday, July 10th. Zacks Investment Research downgraded shares of AutoZone from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Citigroup Inc. reissued a “buy” rating on shares of AutoZone in a report on Thursday, August 25th. Finally, Susquehanna initiated coverage on shares of AutoZone in a report on Thursday, August 25th. They issued a “neutral” rating and a $810.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $858.24.
Shares of AutoZone (NYSE:AZO) opened at 758.88 on Tuesday. The stock’s 50 day moving average is $761.94 and its 200 day moving average is $776.57. AutoZone has a 12 month low of $681.01 and a 12 month high of $819.54. The firm has a market cap of $22.10 billion, a PE ratio of 18.65 and a beta of 0.42.
AutoZone (NYSE:AZO) last announced its quarterly earnings data on Thursday, September 22nd. The company reported $14.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $14.25 by $0.05. The firm had revenue of $3.40 billion for the quarter. AutoZone had a net margin of 11.55% and a negative return on equity of 68.63%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $12.75 earnings per share. Analysts forecast that AutoZone will post $45.45 EPS for the current fiscal year.
In related news, Director William Andrew Mckenna sold 3,000 shares of AutoZone stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $800.25, for a total value of $2,400,750.00. Following the completion of the sale, the director now owns 7,597 shares of the company’s stock, valued at approximately $6,079,499.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Earl G. Graves, Jr. sold 1,000 shares of AutoZone stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $795.24, for a total transaction of $795,240.00. Following the completion of the sale, the director now directly owns 4,127 shares of the company’s stock, valued at approximately $3,281,955.48. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Invictus RG increased its stake in AutoZone by 489.7% in the second quarter. Invictus RG now owns 171 shares of the company’s stock valued at $136,000 after buying an additional 142 shares during the last quarter. Global X Management Co. LLC increased its position in AutoZone by 89.1% in the second quarter. Global X Management Co. LLC now owns 174 shares of the company’s stock worth $138,000 after buying an additional 82 shares in the last quarter. First Personal Financial Services increased its position in AutoZone by 126.3% in the second quarter. First Personal Financial Services now owns 215 shares of the company’s stock worth $171,000 after buying an additional 120 shares in the last quarter. Pennsylvania Trust Co purchased a new position in AutoZone during the second quarter worth about $200,000. Finally, Rehmann Capital Advisory Group purchased a new position in AutoZone during the first quarter worth about $207,000. 95.55% of the stock is owned by institutional investors and hedge funds.
AutoZone Company Profile
AutoZone, Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company’s operating segments include Auto Parts Locations and Other. The Auto Parts Locations segment comprises Domestic Auto Parts, Mexico, Brazil and Interamerican Motor Corporation (IMC).
Receive News & Ratings for AutoZone Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AutoZone Inc. and related companies with MarketBeat.com's FREE daily email newsletter.