AutoZone (NYSE:AZO) posted its quarterly earnings results on Tuesday. The company reported $13.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $12.21 by $1.26, Morningstar.com reports. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. AutoZone had a net margin of 11.92% and a negative return on equity of 99.70%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company posted $10.00 earnings per share.
Shares of AutoZone stock opened at $824.46 on Tuesday. AutoZone has a 1 year low of $590.76 and a 1 year high of $842.10. The firm has a market cap of $20.68 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 1.14 and a beta of 0.89.
A number of research analysts have issued reports on AZO shares. Morgan Stanley raised their price target on shares of AutoZone from $760.00 to $800.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 6th. Credit Suisse Group set a $854.00 price target on shares of AutoZone and gave the stock a “buy” rating in a report on Wednesday, November 28th. Zacks Investment Research cut shares of AutoZone from a “buy” rating to a “hold” rating in a report on Monday. Deutsche Bank set a $940.00 price target on shares of AutoZone and gave the stock a “buy” rating in a report on Monday, November 26th. Finally, Argus decreased their price target on shares of AutoZone to $820.00 and set a “buy” rating for the company in a report on Thursday, August 30th. Eight analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $815.01.
Institutional investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC purchased a new position in AutoZone in the second quarter valued at $514,000. BB&T Corp purchased a new position in AutoZone in the second quarter valued at $205,000. Piedmont Investment Advisors LLC purchased a new position in AutoZone in the second quarter valued at $203,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in AutoZone by 6.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 90,153 shares of the company’s stock valued at $60,486,000 after buying an additional 5,193 shares in the last quarter. Finally, Paragon Capital Management Ltd purchased a new position in AutoZone in the second quarter valued at $201,000. 92.10% of the stock is owned by hedge funds and other institutional investors.
AutoZone declared that its Board of Directors has initiated a stock buyback program on Wednesday, September 26th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the company to reacquire up to 6.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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AutoZone Inc retails and distributes automotive replacement parts and accessories. The company offers 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. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.
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